Semi-Annual Report
March 31, 2020
SPDR®
S&P 500®
ETF Trust
A Unit Investment Trust
“Standard &
Poor’s®”,
“S&P®”,
“S&P 500®”,
“Standard & Poor’s 500®”,
“500®”,
“Standard & Poor’s Depositary Receipts®”,
“SPDR®”
and “SPDRs®”
are trademarks of Standard & Poor’s Financial Services LLC
and have been licensed for use by S&P Dow Jones Indices LLC
(“S&P”) and sublicensed for use by State Street Global Advisors
Funds Distributors, LLC. SPDR®
S&P 500®
ETF Trust is permitted to use these trademarks pursuant to a
sublicense from State Street Global Advisors Funds Distributors,
LLC. SPDR®
S&P 500®
ETF Trust is not sponsored, endorsed, sold or promoted by S&P,
its affiliates or its third party licensors.
SPDR S&P
500®
ETF Trust
Semi-Annual
Report
March 31,
2020
(Unaudited)
Table of
Contents
SPDR S&P
500®
ETF Trust
Schedule of
Investments
March 31, 2020
(Unaudited)
|
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Common
Stocks |
|
Shares |
|
|
Value |
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| |
|
|
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|
|
|
|
3M Co.
|
|
|
6,307,250 |
|
|
$ |
861,002,697 |
|
|
Abbott
Laboratories
|
|
|
19,406,319 |
|
|
|
1,531,352,632 |
|
|
AbbVie, Inc.
|
|
|
16,258,887 |
|
|
|
1,238,764,601 |
|
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ABIOMED, Inc.(a)
|
|
|
492,468 |
|
|
|
71,486,655 |
|
|
Accenture PLC
Class A
|
|
|
6,978,784 |
|
|
|
1,139,356,276 |
|
|
Activision Blizzard,
Inc.
|
|
|
8,400,570 |
|
|
|
499,665,904 |
|
|
Adobe Systems,
Inc.(a)
|
|
|
5,317,291 |
|
|
|
1,692,174,688 |
|
|
Advance Auto Parts,
Inc.
|
|
|
760,599 |
|
|
|
70,979,099 |
|
|
Advanced Micro Devices,
Inc.(a)
|
|
|
12,845,847 |
|
|
|
584,229,122 |
|
|
AES Corp.
|
|
|
7,234,543 |
|
|
|
98,389,785 |
|
|
Aflac, Inc.
|
|
|
8,065,033 |
|
|
|
276,146,730 |
|
|
Agilent Technologies,
Inc.
|
|
|
3,396,377 |
|
|
|
243,248,521 |
|
|
Air Products &
Chemicals, Inc.
|
|
|
2,423,143 |
|
|
|
483,683,574 |
|
|
Akamai Technologies,
Inc.(a)
|
|
|
1,774,417 |
|
|
|
162,341,411 |
|
|
Alaska Air Group,
Inc.
|
|
|
1,350,061 |
|
|
|
38,436,237 |
|
|
Albemarle Corp.
|
|
|
1,170,455 |
|
|
|
65,978,548 |
|
|
Alexandria Real Estate
Equities, Inc. REIT
|
|
|
1,346,141 |
|
|
|
184,502,085 |
|
|
Alexion Pharmaceuticals,
Inc.(a)
|
|
|
2,429,780 |
|
|
|
218,169,946 |
|
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Align Technology,
Inc.(a)
|
|
|
787,591 |
|
|
|
137,001,454 |
|
|
Allegion PLC
|
|
|
1,025,255 |
|
|
|
94,343,965 |
|
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Allergan PLC
|
|
|
3,600,593 |
|
|
|
637,665,020 |
|
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Alliance Data Systems
Corp.
|
|
|
449,667 |
|
|
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15,131,295 |
|
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Alliant Energy
Corp.
|
|
|
2,639,427 |
|
|
|
127,457,930 |
|
|
Allstate Corp.
|
|
|
3,561,533 |
|
|
|
326,699,422 |
|
|
Alphabet, Inc.
Class A(a)
|
|
|
3,289,975 |
|
|
|
3,822,786,451 |
|
|
Alphabet, Inc.
Class C(a)
|
|
|
3,281,652 |
|
|
|
3,815,937,762 |
|
|
Altria Group,
Inc.
|
|
|
20,472,165 |
|
|
|
791,658,621 |
|
|
Amazon.com,
Inc.(a)
|
|
|
4,573,785 |
|
|
|
8,917,600,090 |
|
|
Amcor PLC(a)
|
|
|
17,800,936 |
|
|
|
144,543,600 |
|
|
Ameren Corp.
|
|
|
2,668,602 |
|
|
|
194,354,284 |
|
|
American Airlines Group,
Inc.
|
|
|
4,332,992 |
|
|
|
52,819,172 |
|
|
American Electric Power Co.,
Inc.
|
|
|
5,430,509 |
|
|
|
434,332,110 |
|
|
American Express
Co.
|
|
|
7,377,407 |
|
|
|
631,579,813 |
|
|
American International
Group, Inc.
|
|
|
9,516,844 |
|
|
|
230,783,467 |
|
|
American Tower Corp.
REIT
|
|
|
4,870,381 |
|
|
|
1,060,525,463 |
|
|
American Water Works Co.,
Inc.
|
|
|
1,974,583 |
|
|
|
236,081,143 |
|
|
Ameriprise Financial,
Inc.
|
|
|
1,392,895 |
|
|
|
142,743,880 |
|
|
AmerisourceBergen
Corp.
|
|
|
1,650,716 |
|
|
|
146,088,366 |
|
|
AMETEK, Inc.
|
|
|
2,484,261 |
|
|
|
178,916,477 |
|
|
Amgen, Inc.
|
|
|
6,524,270 |
|
|
|
1,322,665,257 |
|
|
Amphenol Corp.
Class A
|
|
|
3,258,227 |
|
|
|
237,459,584 |
|
|
Analog Devices,
Inc.
|
|
|
4,055,893 |
|
|
|
363,610,807 |
|
|
ANSYS, Inc.(a)
|
|
|
940,918 |
|
|
|
218,735,207 |
|
|
Anthem, Inc.
|
|
|
2,788,357 |
|
|
|
633,068,573 |
|
|
|
|
|
|
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|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
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|
|
AO Smith Corp.
|
|
|
1,518,060 |
|
|
$ |
57,397,849 |
|
|
Aon PLC
|
|
|
2,572,301 |
|
|
|
424,532,557 |
|
|
Apache Corp.
|
|
|
4,102,058 |
|
|
|
17,146,602 |
|
|
Apartment
Investment & Management Co. Class A REIT
|
|
|
1,631,012 |
|
|
|
57,330,072 |
|
|
Apple, Inc.
|
|
|
45,861,546 |
|
|
|
11,662,132,532 |
|
|
Applied Materials,
Inc.
|
|
|
10,137,951 |
|
|
|
464,520,915 |
|
|
Aptiv PLC
|
|
|
2,811,568 |
|
|
|
138,441,608 |
|
|
Archer-Daniels-Midland
Co.
|
|
|
6,118,593 |
|
|
|
215,252,102 |
|
|
Arista Networks,
Inc.(a)
|
|
|
597,209 |
|
|
|
120,964,683 |
|
|
Arthur J
Gallagher & Co.
|
|
|
2,025,292 |
|
|
|
165,081,551 |
|
|
Assurant, Inc.
|
|
|
674,202 |
|
|
|
70,177,686 |
|
|
AT&T, Inc.
|
|
|
80,242,142 |
|
|
|
2,339,058,439 |
|
|
Atmos Energy
Corp.
|
|
|
1,312,033 |
|
|
|
130,193,035 |
|
|
Autodesk, Inc.(a)
|
|
|
2,408,854 |
|
|
|
376,022,109 |
|
|
Automatic Data Processing,
Inc.
|
|
|
4,753,210 |
|
|
|
649,668,743 |
|
|
AutoZone, Inc.(a)
|
|
|
261,967 |
|
|
|
221,624,082 |
|
|
AvalonBay Communities, Inc.
REIT
|
|
|
1,529,084 |
|
|
|
225,035,292 |
|
|
Avery Dennison
Corp.
|
|
|
923,967 |
|
|
|
94,124,518 |
|
|
Baker Hughes a GE
Co.
|
|
|
7,130,523 |
|
|
|
74,870,492 |
|
|
Ball Corp.
|
|
|
3,593,352 |
|
|
|
232,346,140 |
|
|
Bank of America
Corp.
|
|
|
88,925,976 |
|
|
|
1,887,898,470 |
|
|
Bank of New York Mellon
Corp.
|
|
|
9,226,327 |
|
|
|
310,742,693 |
|
|
Baxter International,
Inc.
|
|
|
5,602,933 |
|
|
|
454,902,130 |
|
|
Becton Dickinson and
Co.
|
|
|
2,973,365 |
|
|
|
683,190,076 |
|
|
Berkshire Hathaway, Inc.
Class B(a)
|
|
|
21,477,759 |
|
|
|
3,926,778,678 |
|
|
Best Buy Co.,
Inc.
|
|
|
2,501,542 |
|
|
|
142,587,894 |
|
|
Biogen, Inc.(a)
|
|
|
1,984,381 |
|
|
|
627,818,461 |
|
|
BlackRock, Inc.
|
|
|
1,296,557 |
|
|
|
570,446,183 |
|
|
Boeing Co.
|
|
|
5,878,599 |
|
|
|
876,734,255 |
|
|
Booking Holdings,
Inc.(a)
|
|
|
460,221 |
|
|
|
619,144,516 |
|
|
BorgWarner, Inc.
|
|
|
2,253,827 |
|
|
|
54,925,764 |
|
|
Boston Properties, Inc.
REIT
|
|
|
1,578,150 |
|
|
|
145,552,775 |
|
|
Boston Scientific
Corp.(a)
|
|
|
15,324,413 |
|
|
|
500,035,596 |
|
|
Bristol-Myers Squibb
Co.
|
|
|
25,739,367 |
|
|
|
1,434,712,317 |
|
|
Broadcom, Inc.
|
|
|
4,360,921 |
|
|
|
1,033,974,369 |
|
|
Broadridge Financial
Solutions, Inc.
|
|
|
1,254,055 |
|
|
|
118,922,036 |
|
|
Brown-Forman Corp.
Class B
|
|
|
1,996,971 |
|
|
|
110,851,860 |
|
|
C.H. Robinson Worldwide,
Inc.
|
|
|
1,497,122 |
|
|
|
99,109,476 |
|
|
Cabot Oil & Gas
Corp.
|
|
|
4,480,000 |
|
|
|
77,011,200 |
|
|
Cadence Design Systems,
Inc.(a)
|
|
|
3,081,824 |
|
|
|
203,523,657 |
|
|
Campbell Soup Co.
|
|
|
1,850,554 |
|
|
|
85,421,573 |
|
See accompanying notes to
financial statements.
1
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
March 31, 2020
(Unaudited)
|
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|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Capital One Financial
Corp.
|
|
|
5,116,093 |
|
|
$ |
257,953,409 |
|
|
Capri Holdings,
Ltd.(a)
|
|
|
1,667,587 |
|
|
|
17,993,264 |
|
|
Cardinal Health,
Inc.
|
|
|
3,235,256 |
|
|
|
155,098,173 |
|
|
CarMax, Inc.(a)
|
|
|
1,822,711 |
|
|
|
98,116,533 |
|
|
Carnival Corp.
|
|
|
4,357,999 |
|
|
|
57,394,847 |
|
|
Caterpillar, Inc.
|
|
|
6,076,688 |
|
|
|
705,138,876 |
|
|
Cboe Global Markets,
Inc.
|
|
|
1,221,252 |
|
|
|
108,996,741 |
|
|
CBRE Group, Inc.
Class A(a)
|
|
|
3,691,173 |
|
|
|
139,194,134 |
|
|
CDW Corp.
|
|
|
1,588,234 |
|
|
|
148,134,585 |
|
|
Celanese Corp.
|
|
|
1,327,757 |
|
|
|
97,444,086 |
|
|
Centene Corp.(a)
|
|
|
6,376,159 |
|
|
|
378,807,606 |
|
|
CenterPoint Energy,
Inc.
|
|
|
5,466,824 |
|
|
|
84,462,431 |
|
|
CenturyLink, Inc.
|
|
|
10,524,281 |
|
|
|
99,559,698 |
|
|
Cerner Corp.
|
|
|
3,450,891 |
|
|
|
217,371,624 |
|
|
CF Industries Holdings,
Inc.
|
|
|
2,395,402 |
|
|
|
65,154,934 |
|
|
Charles Schwab
Corp.
|
|
|
12,569,735 |
|
|
|
422,594,491 |
|
|
Charter Communications, Inc.
Class A(a)
|
|
|
1,723,742 |
|
|
|
752,085,872 |
|
|
Chevron Corp.
|
|
|
20,771,002 |
|
|
|
1,505,066,805 |
|
|
Chipotle Mexican Grill,
Inc.(a)
|
|
|
279,889 |
|
|
|
183,159,362 |
|
|
Chubb, Ltd.
|
|
|
4,979,671 |
|
|
|
556,179,454 |
|
|
Church & Dwight
Co., Inc.
|
|
|
2,682,666 |
|
|
|
172,173,504 |
|
|
Cigna Corp.(a)
|
|
|
4,106,248 |
|
|
|
727,545,021 |
|
|
Cincinnati Financial
Corp.
|
|
|
1,663,536 |
|
|
|
125,513,791 |
|
|
Cintas Corp.
|
|
|
910,818 |
|
|
|
157,771,894 |
|
|
Cisco Systems,
Inc.
|
|
|
46,590,810 |
|
|
|
1,831,484,741 |
|
|
Citigroup, Inc.
|
|
|
24,003,514 |
|
|
|
1,011,028,010 |
|
|
Citizens Financial Group,
Inc.
|
|
|
4,780,005 |
|
|
|
89,911,894 |
|
|
Citrix Systems,
Inc.
|
|
|
1,263,089 |
|
|
|
178,790,248 |
|
|
Clorox Co.
|
|
|
1,380,221 |
|
|
|
239,123,288 |
|
|
CME Group, Inc.
|
|
|
3,940,479 |
|
|
|
681,348,224 |
|
|
CMS Energy Corp.
|
|
|
3,111,297 |
|
|
|
182,788,699 |
|
|
Coca-Cola Co.
|
|
|
42,351,040 |
|
|
|
1,874,033,520 |
|
|
Cognizant Technology
Solutions Corp. Class A
|
|
|
6,014,905 |
|
|
|
279,512,635 |
|
|
Colgate-Palmolive
Co.
|
|
|
9,400,093 |
|
|
|
623,790,171 |
|
|
Comcast Corp.
Class A
|
|
|
49,858,786 |
|
|
|
1,714,145,063 |
|
|
Comerica, Inc.
|
|
|
1,583,321 |
|
|
|
46,454,638 |
|
|
Conagra Brands,
Inc.
|
|
|
5,311,529 |
|
|
|
155,840,261 |
|
|
Concho Resources,
Inc.
|
|
|
2,191,047 |
|
|
|
93,886,364 |
|
|
ConocoPhillips
|
|
|
12,063,031 |
|
|
|
371,541,355 |
|
|
Consolidated Edison,
Inc.
|
|
|
3,645,277 |
|
|
|
284,331,606 |
|
|
Constellation Brands, Inc.
Class A
|
|
|
1,833,269 |
|
|
|
262,817,444 |
|
|
Cooper Cos., Inc.
|
|
|
537,946 |
|
|
|
148,295,574 |
|
|
Copart, Inc.(a)
|
|
|
2,248,897 |
|
|
|
154,094,422 |
|
|
Corning, Inc.
|
|
|
8,449,004 |
|
|
|
173,542,542 |
|
|
Corteva, Inc.(a)
|
|
|
8,198,551 |
|
|
|
192,665,948 |
|
|
Costco Wholesale
Corp.
|
|
|
4,850,976 |
|
|
|
1,383,158,787 |
|
|
Coty, Inc.
Class A
|
|
|
3,295,069 |
|
|
|
17,002,556 |
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Crown Castle International
Corp. REIT
|
|
|
4,565,489 |
|
|
$ |
659,256,612 |
|
|
CSX Corp.
|
|
|
8,550,147 |
|
|
|
489,923,423 |
|
|
Cummins, Inc.
|
|
|
1,684,341 |
|
|
|
227,925,024 |
|
|
CVS Health Corp.
|
|
|
14,303,522 |
|
|
|
848,627,960 |
|
|
D.R. Horton, Inc.
|
|
|
3,684,661 |
|
|
|
125,278,474 |
|
|
Danaher Corp.
|
|
|
7,028,914 |
|
|
|
972,871,987 |
|
|
Darden Restaurants,
Inc.
|
|
|
1,337,139 |
|
|
|
72,820,590 |
|
|
DaVita, Inc.(a)
|
|
|
994,635 |
|
|
|
75,651,938 |
|
|
Deere &
Co.
|
|
|
3,454,686 |
|
|
|
477,299,418 |
|
|
Delta Air Lines,
Inc.
|
|
|
6,350,906 |
|
|
|
181,191,348 |
|
|
DENTSPLY SIRONA,
Inc.
|
|
|
2,459,937 |
|
|
|
95,519,354 |
|
|
Devon Energy
Corp.
|
|
|
4,254,682 |
|
|
|
29,399,853 |
|
|
Diamondback Energy,
Inc.
|
|
|
1,789,431 |
|
|
|
46,883,092 |
|
|
Digital Realty Trust, Inc.
REIT
|
|
|
2,880,330 |
|
|
|
400,106,640 |
|
|
Discover Financial
Services
|
|
|
3,443,707 |
|
|
|
122,837,029 |
|
|
Discovery, Inc.
Class A(a)
|
|
|
1,725,683 |
|
|
|
33,547,278 |
|
|
Discovery, Inc.
Class C(a)
|
|
|
3,684,961 |
|
|
|
64,634,216 |
|
|
DISH Network Corp.
Class A(a)
|
|
|
2,802,563 |
|
|
|
56,023,234 |
|
|
Dollar General
Corp.
|
|
|
2,796,927 |
|
|
|
422,363,946 |
|
|
Dollar Tree,
Inc.(a)
|
|
|
2,596,441 |
|
|
|
190,760,520 |
|
|
Dominion Energy,
Inc.
|
|
|
9,049,094 |
|
|
|
653,254,096 |
|
|
Dover Corp.
|
|
|
1,593,250 |
|
|
|
133,737,405 |
|
|
Dow, Inc.(a)
|
|
|
8,154,615 |
|
|
|
238,440,943 |
|
|
DTE Energy Co.
|
|
|
2,112,798 |
|
|
|
200,652,426 |
|
|
Duke Energy Corp.
|
|
|
8,015,768 |
|
|
|
648,315,316 |
|
|
Duke Realty Corp.
REIT
|
|
|
4,041,104 |
|
|
|
130,850,948 |
|
|
DuPont de Nemours,
Inc.
|
|
|
8,166,379 |
|
|
|
278,473,524 |
|
|
DXC Technology
Co.
|
|
|
2,874,557 |
|
|
|
37,512,969 |
|
|
E*TRADE Financial
Corp.
|
|
|
2,484,954 |
|
|
|
85,283,621 |
|
|
Eastman Chemical
Co.
|
|
|
1,500,589 |
|
|
|
69,897,436 |
|
|
Eaton Corp. PLC
|
|
|
4,544,458 |
|
|
|
353,058,942 |
|
|
eBay, Inc.
|
|
|
8,407,807 |
|
|
|
252,738,678 |
|
|
Ecolab, Inc.
|
|
|
2,747,255 |
|
|
|
428,104,747 |
|
|
Edison
International
|
|
|
3,929,376 |
|
|
|
215,290,511 |
|
|
Edwards Lifesciences
Corp.(a)
|
|
|
2,278,549 |
|
|
|
429,779,912 |
|
|
Electronic Arts,
Inc.(a)
|
|
|
3,206,614 |
|
|
|
321,206,524 |
|
|
Eli Lilly &
Co.
|
|
|
9,283,195 |
|
|
|
1,287,764,810 |
|
|
Emerson Electric
Co.
|
|
|
6,689,989 |
|
|
|
318,777,976 |
|
|
Entergy Corp.
|
|
|
2,181,834 |
|
|
|
205,026,941 |
|
|
EOG Resources,
Inc.
|
|
|
6,395,830 |
|
|
|
229,738,214 |
|
|
Equifax, Inc.
|
|
|
1,318,804 |
|
|
|
157,531,138 |
|
|
Equinix, Inc.
REIT
|
|
|
937,626 |
|
|
|
585,613,071 |
|
|
Equity Residential
REIT
|
|
|
3,825,439 |
|
|
|
236,067,841 |
|
|
Essex Property Trust, Inc.
REIT
|
|
|
717,532 |
|
|
|
158,029,248 |
|
|
Estee Lauder Cos., Inc.
Class A
|
|
|
2,446,687 |
|
|
|
389,855,107 |
|
|
Everest Re Group,
Ltd.
|
|
|
440,713 |
|
|
|
84,801,995 |
|
See accompanying notes to
financial statements.
2
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
March 31, 2020
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Evergy, Inc.
|
|
|
2,505,545 |
|
|
$ |
137,930,252 |
|
|
Eversource Energy
|
|
|
3,555,109 |
|
|
|
278,045,075 |
|
|
Exelon Corp.
|
|
|
10,648,855 |
|
|
|
391,984,353 |
|
|
Expedia Group,
Inc.
|
|
|
1,516,725 |
|
|
|
85,346,116 |
|
|
Expeditors International of
Washington, Inc.
|
|
|
1,879,236 |
|
|
|
125,382,626 |
|
|
Extra Space Storage, Inc.
REIT
|
|
|
1,422,115 |
|
|
|
136,181,732 |
|
|
Exxon Mobil Corp.
|
|
|
46,471,314 |
|
|
|
1,764,515,793 |
|
|
F5 Networks,
Inc.(a)
|
|
|
655,689 |
|
|
|
69,916,118 |
|
|
Facebook, Inc.
Class A(a)
|
|
|
26,423,472 |
|
|
|
4,407,435,130 |
|
|
Fastenal Co.
|
|
|
6,251,269 |
|
|
|
195,352,156 |
|
|
Federal Realty Investment
Trust REIT
|
|
|
764,960 |
|
|
|
57,073,666 |
|
|
FedEx Corp.
|
|
|
2,618,930 |
|
|
|
317,571,452 |
|
|
Fidelity National
Information Services, Inc.
|
|
|
6,757,745 |
|
|
|
822,012,102 |
|
|
Fifth Third
Bancorp
|
|
|
7,801,685 |
|
|
|
115,855,022 |
|
|
First Republic
Bank
|
|
|
1,846,067 |
|
|
|
151,894,393 |
|
|
FirstEnergy Corp.
|
|
|
5,925,810 |
|
|
|
237,447,207 |
|
|
Fiserv, Inc.(a)
|
|
|
6,279,564 |
|
|
|
596,495,784 |
|
|
FleetCor Technologies,
Inc.(a)
|
|
|
942,939 |
|
|
|
175,895,841 |
|
|
FLIR Systems,
Inc.
|
|
|
1,471,045 |
|
|
|
46,911,625 |
|
|
Flowserve Corp.
|
|
|
1,403,325 |
|
|
|
33,525,434 |
|
|
FMC Corp.
|
|
|
1,440,372 |
|
|
|
117,663,989 |
|
|
Ford Motor Co.
|
|
|
42,975,237 |
|
|
|
207,570,395 |
|
|
Fortinet, Inc.(a)
|
|
|
1,557,170 |
|
|
|
157,538,889 |
|
|
Fortive Corp.
|
|
|
3,234,080 |
|
|
|
178,488,875 |
|
|
Fortune Brands
Home & Security, Inc.
|
|
|
1,533,074 |
|
|
|
66,305,451 |
|
|
Fox Corp.
Class A
|
|
|
3,849,370 |
|
|
|
90,960,613 |
|
|
Fox Corp.
Class B(a)
|
|
|
1,753,071 |
|
|
|
40,110,264 |
|
|
Franklin Resources,
Inc.
|
|
|
3,094,821 |
|
|
|
51,652,562 |
|
|
Freeport-McMoRan,
Inc.
|
|
|
15,906,133 |
|
|
|
107,366,398 |
|
|
Gap, Inc.
|
|
|
2,361,694 |
|
|
|
16,626,326 |
|
|
Garmin, Ltd.
|
|
|
1,585,521 |
|
|
|
118,850,654 |
|
|
Gartner, Inc.(a)
|
|
|
974,570 |
|
|
|
97,037,935 |
|
|
General Dynamics
Corp.
|
|
|
2,567,717 |
|
|
|
339,734,636 |
|
|
General Electric
Co.
|
|
|
96,019,387 |
|
|
|
762,393,933 |
|
|
General Mills,
Inc.
|
|
|
6,645,330 |
|
|
|
350,674,064 |
|
|
General Motors
Co.
|
|
|
13,789,579 |
|
|
|
286,547,452 |
|
|
Genuine Parts Co.
|
|
|
1,594,889 |
|
|
|
107,383,876 |
|
|
Gilead Sciences,
Inc.
|
|
|
13,875,502 |
|
|
|
1,037,332,530 |
|
|
Global Payments,
Inc.
|
|
|
3,292,547 |
|
|
|
474,884,054 |
|
|
Globe Life, Inc.
|
|
|
1,101,382 |
|
|
|
79,266,463 |
|
|
Goldman Sachs Group,
Inc.
|
|
|
3,503,232 |
|
|
|
541,564,635 |
|
|
H&R Block,
Inc.
|
|
|
2,196,193 |
|
|
|
30,922,397 |
|
|
Halliburton Co.
|
|
|
9,650,257 |
|
|
|
66,104,260 |
|
|
Hanesbrands, Inc.
|
|
|
3,974,384 |
|
|
|
31,278,402 |
|
|
Harley-Davidson,
Inc.
|
|
|
1,740,540 |
|
|
|
32,948,422 |
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Hartford Financial Services
Group, Inc.
|
|
|
3,951,661 |
|
|
$ |
139,256,534 |
|
|
Hasbro, Inc.
|
|
|
1,398,635 |
|
|
|
100,072,334 |
|
|
HCA Healthcare,
Inc.
|
|
|
2,911,809 |
|
|
|
261,626,039 |
|
|
Healthpeak Properties, Inc.
REIT
|
|
|
5,389,123 |
|
|
|
128,530,584 |
|
|
Helmerich & Payne,
Inc.
|
|
|
1,208,063 |
|
|
|
18,906,186 |
|
|
Henry Schein,
Inc.(a)
|
|
|
1,624,066 |
|
|
|
82,047,814 |
|
|
Hershey Co.
|
|
|
1,634,693 |
|
|
|
216,596,822 |
|
|
Hess Corp.
|
|
|
2,840,032 |
|
|
|
94,573,066 |
|
|
Hewlett Packard Enterprise
Co.
|
|
|
14,329,168 |
|
|
|
139,136,221 |
|
|
Hilton Worldwide Holdings,
Inc.
|
|
|
3,102,052 |
|
|
|
211,684,028 |
|
|
HollyFrontier
Corp.
|
|
|
1,661,421 |
|
|
|
40,721,429 |
|
|
Hologic, Inc.(a)
|
|
|
2,933,653 |
|
|
|
102,971,220 |
|
|
Home Depot, Inc.
|
|
|
11,982,584 |
|
|
|
2,237,268,259 |
|
|
Honeywell International,
Inc.
|
|
|
7,855,217 |
|
|
|
1,050,949,482 |
|
|
Hormel Foods
Corp.
|
|
|
3,053,438 |
|
|
|
142,412,348 |
|
|
Host Hotels &
Resorts, Inc. REIT
|
|
|
8,010,143 |
|
|
|
88,431,979 |
|
|
Howmet Aerospace,
Inc.
|
|
|
4,250,005 |
|
|
|
68,255,080 |
|
|
HP, Inc.
|
|
|
16,263,029 |
|
|
|
282,326,183 |
|
|
Humana, Inc.
|
|
|
1,455,860 |
|
|
|
457,169,157 |
|
|
Huntington Bancshares,
Inc.
|
|
|
11,387,383 |
|
|
|
93,490,414 |
|
|
Huntington Ingalls
Industries, Inc.
|
|
|
454,555 |
|
|
|
82,824,467 |
|
|
IDEX Corp.
|
|
|
819,749 |
|
|
|
113,215,534 |
|
|
IDEXX Laboratories,
Inc.(a)
|
|
|
940,048 |
|
|
|
227,717,228 |
|
|
IHS Markit, Ltd.
|
|
|
4,402,015 |
|
|
|
264,120,900 |
|
|
Illinois Tool Works,
Inc.
|
|
|
3,213,379 |
|
|
|
456,685,423 |
|
|
Illumina, Inc.(a)
|
|
|
1,616,204 |
|
|
|
441,417,636 |
|
|
Incyte Corp.(a)
|
|
|
1,938,744 |
|
|
|
141,974,223 |
|
|
Ingersoll Rand,
Inc.(a)
|
|
|
3,786,066 |
|
|
|
93,894,437 |
|
|
Intel Corp.
|
|
|
47,782,724 |
|
|
|
2,586,001,023 |
|
|
Intercontinental
Exchange,
Inc.(b)
|
|
|
6,118,012 |
|
|
|
494,029,469 |
|
|
International Business
Machines Corp.
|
|
|
9,737,339 |
|
|
|
1,080,163,015 |
|
|
International
Flavors & Fragrances, Inc.
|
|
|
1,171,767 |
|
|
|
119,613,975 |
|
|
International Paper
Co.
|
|
|
4,310,263 |
|
|
|
134,178,487 |
|
|
Interpublic Group of Cos.,
Inc.
|
|
|
4,231,026 |
|
|
|
68,500,311 |
|
|
Intuit, Inc.
|
|
|
2,849,016 |
|
|
|
655,273,680 |
|
|
Intuitive Surgical,
Inc.(a)
|
|
|
1,271,296 |
|
|
|
629,558,492 |
|
|
Invesco, Ltd.
|
|
|
4,227,468 |
|
|
|
38,385,409 |
|
|
IPG Photonics
Corp.(a)
|
|
|
388,210 |
|
|
|
42,811,799 |
|
|
IQVIA Holdings,
Inc.(a)
|
|
|
1,982,633 |
|
|
|
213,846,795 |
|
|
Iron Mountain, Inc.
REIT
|
|
|
3,136,006 |
|
|
|
74,636,943 |
|
|
J.M. Smucker Co.
|
|
|
1,242,848 |
|
|
|
137,956,128 |
|
See accompanying notes to
financial statements.
3
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
March 31, 2020
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Jack Henry &
Associates, Inc.
|
|
|
836,042 |
|
|
$ |
129,787,160 |
|
|
Jacobs Engineering Group,
Inc.
|
|
|
1,487,630 |
|
|
|
117,924,430 |
|
|
JB Hunt Transport Services,
Inc.
|
|
|
937,244 |
|
|
|
86,442,014 |
|
|
Johnson &
Johnson
|
|
|
28,898,292 |
|
|
|
3,789,433,030 |
|
|
Johnson Controls
International PLC
|
|
|
8,480,932 |
|
|
|
228,645,927 |
|
|
JPMorgan Chase &
Co.
|
|
|
34,454,377 |
|
|
|
3,101,927,561 |
|
|
Juniper Networks,
Inc.
|
|
|
3,746,866 |
|
|
|
71,715,015 |
|
|
Kansas City
Southern
|
|
|
1,099,907 |
|
|
|
139,886,172 |
|
|
Kellogg Co.
|
|
|
2,729,753 |
|
|
|
163,757,882 |
|
|
KeyCorp
|
|
|
10,820,090 |
|
|
|
112,204,333 |
|
|
Keysight Technologies,
Inc.(a)
|
|
|
2,051,106 |
|
|
|
171,636,550 |
|
|
Kimberly-Clark
Corp.
|
|
|
3,769,643 |
|
|
|
482,024,250 |
|
|
Kimco Realty Corp.
REIT
|
|
|
4,559,290 |
|
|
|
44,088,334 |
|
|
Kinder Morgan,
Inc.
|
|
|
21,242,143 |
|
|
|
295,690,631 |
|
|
KLA Corp.
|
|
|
1,733,075 |
|
|
|
249,112,200 |
|
|
Kohl’s Corp.
|
|
|
1,746,065 |
|
|
|
25,475,088 |
|
|
Kraft Heinz Co.
|
|
|
6,793,920 |
|
|
|
168,081,581 |
|
|
Kroger Co.
|
|
|
8,764,548 |
|
|
|
263,988,186 |
|
|
L Brands, Inc.
|
|
|
2,460,787 |
|
|
|
28,446,698 |
|
|
L3Harris Technologies,
Inc.
|
|
|
2,428,360 |
|
|
|
437,396,203 |
|
|
Laboratory Corp. of America
Holdings(a)
|
|
|
1,071,952 |
|
|
|
135,484,013 |
|
|
Lam Research
Corp.
|
|
|
1,586,199 |
|
|
|
380,687,760 |
|
|
Lamb Weston Holdings,
Inc.
|
|
|
1,600,648 |
|
|
|
91,397,001 |
|
|
Las Vegas Sands
Corp.
|
|
|
3,711,106 |
|
|
|
157,610,672 |
|
|
Leggett & Platt,
Inc.
|
|
|
1,418,508 |
|
|
|
37,845,793 |
|
|
Leidos Holdings,
Inc.
|
|
|
1,461,512 |
|
|
|
133,947,575 |
|
|
Lennar Corp.
Class A
|
|
|
3,075,312 |
|
|
|
117,476,918 |
|
|
Lincoln National
Corp.
|
|
|
2,196,604 |
|
|
|
57,814,617 |
|
|
Linde PLC
|
|
|
5,901,012 |
|
|
|
1,020,875,076 |
|
|
Live Nation
Entertainment,
Inc.(a)
|
|
|
1,549,165 |
|
|
|
70,425,041 |
|
|
LKQ Corp.(a)
|
|
|
3,381,658 |
|
|
|
69,357,806 |
|
|
Lockheed Martin
Corp.
|
|
|
2,722,006 |
|
|
|
922,623,934 |
|
|
Loews Corp.
|
|
|
2,808,524 |
|
|
|
97,820,891 |
|
|
Lowe’s Cos., Inc.
|
|
|
8,419,746 |
|
|
|
724,519,143 |
|
|
LyondellBasell Industries NV
Class A
|
|
|
2,833,035 |
|
|
|
140,603,527 |
|
|
M&T Bank
Corp.
|
|
|
1,449,790 |
|
|
|
149,951,780 |
|
|
Macy’s, Inc.
|
|
|
3,376,676 |
|
|
|
16,579,479 |
|
|
Marathon Oil
Corp.
|
|
|
8,821,871 |
|
|
|
29,023,956 |
|
|
Marathon Petroleum
Corp.
|
|
|
7,139,253 |
|
|
|
168,629,156 |
|
|
MarketAxess Holdings,
Inc.
|
|
|
413,281 |
|
|
|
137,444,862 |
|
|
Marriott International, Inc.
Class A
|
|
|
2,980,902 |
|
|
|
223,001,279 |
|
|
Marsh & McLennan
Cos., Inc.
|
|
|
5,556,040 |
|
|
|
480,375,218 |
|
|
Martin Marietta Materials,
Inc.
|
|
|
683,146 |
|
|
|
129,271,718 |
|
|
Masco Corp.
|
|
|
3,120,260 |
|
|
|
107,867,388 |
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Mastercard, Inc.
Class A
|
|
|
9,749,609 |
|
|
$ |
2,355,115,550 |
|
|
Maxim Integrated Products,
Inc.
|
|
|
2,987,040 |
|
|
|
145,200,014 |
|
|
McCormick & Co.,
Inc.
|
|
|
1,337,751 |
|
|
|
188,903,819 |
|
|
McDonald’s Corp.
|
|
|
8,279,486 |
|
|
|
1,369,013,010 |
|
|
McKesson Corp.
|
|
|
1,770,810 |
|
|
|
239,519,761 |
|
|
Medtronic PLC
|
|
|
14,736,611 |
|
|
|
1,328,947,580 |
|
|
Merck & Co.,
Inc.
|
|
|
27,961,456 |
|
|
|
2,151,354,425 |
|
|
MetLife, Inc.
|
|
|
8,593,859 |
|
|
|
262,714,270 |
|
|
Mettler-Toledo
International, Inc.(a)
|
|
|
267,230 |
|
|
|
184,524,987 |
|
|
MGM Resorts
International
|
|
|
5,722,257 |
|
|
|
67,522,633 |
|
|
Microchip Technology,
Inc.
|
|
|
2,627,298 |
|
|
|
178,130,804 |
|
|
Micron Technology,
Inc.(a)
|
|
|
12,170,151 |
|
|
|
511,876,551 |
|
|
Microsoft Corp.
|
|
|
83,767,413 |
|
|
|
13,210,958,704 |
|
|
Mid-America Apartment Communities, Inc.
REIT
|
|
|
1,244,285 |
|
|
|
128,198,684 |
|
|
Mohawk Industries,
Inc.(a)
|
|
|
657,065 |
|
|
|
50,094,636 |
|
|
Molson Coors Brewing Co.
Class B
|
|
|
2,052,748 |
|
|
|
80,077,699 |
|
|
Mondelez International, Inc.
Class A
|
|
|
15,796,005 |
|
|
|
791,063,930 |
|
|
Monster Beverage
Corp.(a)
|
|
|
4,194,518 |
|
|
|
235,983,583 |
|
|
Moody’s Corp.
|
|
|
1,785,192 |
|
|
|
377,568,108 |
|
|
Morgan Stanley
|
|
|
12,779,036 |
|
|
|
434,487,224 |
|
|
Mosaic Co.
|
|
|
3,823,858 |
|
|
|
41,374,144 |
|
|
Motorola Solutions,
Inc.
|
|
|
1,883,702 |
|
|
|
250,381,670 |
|
|
MSCI, Inc.
|
|
|
930,084 |
|
|
|
268,757,073 |
|
|
Mylan NV(a)
|
|
|
5,635,502 |
|
|
|
84,025,335 |
|
|
Nasdaq, Inc.
|
|
|
1,272,335 |
|
|
|
120,808,208 |
|
|
National Oilwell Varco,
Inc.
|
|
|
4,188,708 |
|
|
|
41,175,000 |
|
|
NetApp, Inc.
|
|
|
2,509,186 |
|
|
|
104,607,964 |
|
|
Netflix, Inc.(a)
|
|
|
4,812,946 |
|
|
|
1,807,261,223 |
|
|
Newell Brands,
Inc.
|
|
|
4,239,705 |
|
|
|
56,303,282 |
|
|
Newmont Corp.
|
|
|
8,960,616 |
|
|
|
405,736,692 |
|
|
News Corp.
Class A
|
|
|
4,108,445 |
|
|
|
36,873,294 |
|
|
News Corp.
Class B
|
|
|
1,352,869 |
|
|
|
12,162,292 |
|
|
NextEra Energy,
Inc.
|
|
|
5,373,533 |
|
|
|
1,292,979,510 |
|
|
Nielsen Holdings
PLC
|
|
|
3,844,428 |
|
|
|
48,209,127 |
|
|
NIKE, Inc.
Class B
|
|
|
13,687,122 |
|
|
|
1,132,472,474 |
|
|
NiSource, Inc.
|
|
|
4,063,529 |
|
|
|
101,466,319 |
|
|
Noble Energy,
Inc.
|
|
|
5,281,579 |
|
|
|
31,900,737 |
|
|
Nordstrom, Inc.
|
|
|
1,153,199 |
|
|
|
17,690,073 |
|
|
Norfolk Southern
Corp.
|
|
|
2,866,652 |
|
|
|
418,531,192 |
|
|
Northern Trust
Corp.
|
|
|
2,328,350 |
|
|
|
175,697,291 |
|
|
Northrop Grumman
Corp.
|
|
|
1,721,271 |
|
|
|
520,770,541 |
|
|
NortonLifeLock,
Inc.
|
|
|
6,239,780 |
|
|
|
116,746,284 |
|
|
Norwegian Cruise Line
Holdings, Ltd.(a)
|
|
|
2,369,492 |
|
|
|
25,969,632 |
|
|
NRG Energy, Inc.
|
|
|
2,776,431 |
|
|
|
75,685,509 |
|
See accompanying notes to
financial statements.
4
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
March 31, 2020
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Nucor Corp.
|
|
|
3,341,473 |
|
|
$ |
120,359,857 |
|
|
NVIDIA Corp.
|
|
|
6,719,757 |
|
|
|
1,771,327,945 |
|
|
NVR, Inc.(a)
|
|
|
38,200 |
|
|
|
98,140,002 |
|
|
O’Reilly Automotive,
Inc.(a)
|
|
|
833,436 |
|
|
|
250,905,908 |
|
|
Occidental Petroleum
Corp.
|
|
|
9,789,109 |
|
|
|
113,357,882 |
|
|
Old Dominion Freight Line,
Inc.
|
|
|
1,047,047 |
|
|
|
137,435,389 |
|
|
Omnicom Group,
Inc.
|
|
|
2,386,248 |
|
|
|
131,005,015 |
|
|
ONEOK, Inc.
|
|
|
4,512,800 |
|
|
|
98,424,168 |
|
|
Oracle Corp.
|
|
|
23,819,649 |
|
|
|
1,151,203,636 |
|
|
PACCAR, Inc.
|
|
|
3,774,581 |
|
|
|
230,740,137 |
|
|
Packaging Corp. of
America
|
|
|
1,033,191 |
|
|
|
89,711,975 |
|
|
Parker-Hannifin
Corp.
|
|
|
1,406,500 |
|
|
|
182,465,245 |
|
|
Paychex, Inc.
|
|
|
3,490,930 |
|
|
|
219,649,316 |
|
|
Paycom Software,
Inc.(a)
|
|
|
540,386 |
|
|
|
109,163,376 |
|
|
PayPal Holdings,
Inc.(a)
|
|
|
12,889,614 |
|
|
|
1,234,051,644 |
|
|
Pentair PLC
|
|
|
1,844,226 |
|
|
|
54,884,166 |
|
|
People’s United Financial,
Inc.
|
|
|
4,882,687 |
|
|
|
53,953,691 |
|
|
PepsiCo, Inc.
|
|
|
15,319,984 |
|
|
|
1,839,930,078 |
|
|
PerkinElmer, Inc.
|
|
|
1,210,888 |
|
|
|
91,155,649 |
|
|
Perrigo Co. PLC
|
|
|
1,493,120 |
|
|
|
71,804,141 |
|
|
Pfizer, Inc.
|
|
|
60,778,739 |
|
|
|
1,983,818,041 |
|
|
Philip Morris International,
Inc.
|
|
|
17,105,880 |
|
|
|
1,248,045,005 |
|
|
Phillips 66
|
|
|
4,881,549 |
|
|
|
261,895,104 |
|
|
Pinnacle West Capital
Corp.
|
|
|
1,230,964 |
|
|
|
93,294,762 |
|
|
Pioneer Natural Resources
Co.
|
|
|
1,819,572 |
|
|
|
127,642,976 |
|
|
PNC Financial Services
Group, Inc.
|
|
|
4,817,858 |
|
|
|
461,165,368 |
|
|
PPG Industries,
Inc.
|
|
|
2,588,963 |
|
|
|
216,437,307 |
|
|
PPL Corp.
|
|
|
8,431,398 |
|
|
|
208,086,903 |
|
|
Principal Financial Group,
Inc.
|
|
|
2,834,853 |
|
|
|
88,844,293 |
|
|
Procter & Gamble
Co.
|
|
|
27,388,864 |
|
|
|
3,012,775,040 |
|
|
Progressive Corp.
|
|
|
6,428,252 |
|
|
|
474,662,128 |
|
|
Prologis, Inc.
REIT
|
|
|
8,122,695 |
|
|
|
652,820,997 |
|
|
Prudential Financial,
Inc.
|
|
|
4,410,571 |
|
|
|
229,967,172 |
|
|
Public Service Enterprise
Group, Inc.
|
|
|
5,514,375 |
|
|
|
247,650,581 |
|
|
Public Storage
REIT
|
|
|
1,636,952 |
|
|
|
325,115,037 |
|
|
PulteGroup, Inc.
|
|
|
2,818,088 |
|
|
|
62,899,724 |
|
|
PVH Corp.
|
|
|
812,202 |
|
|
|
30,571,283 |
|
|
Qorvo, Inc.(a)
|
|
|
1,290,157 |
|
|
|
104,025,359 |
|
|
QUALCOMM, Inc.
|
|
|
12,519,981 |
|
|
|
846,976,715 |
|
|
Quanta Services,
Inc.
|
|
|
1,586,621 |
|
|
|
50,343,484 |
|
|
Quest Diagnostics,
Inc.
|
|
|
1,457,599 |
|
|
|
117,045,200 |
|
|
Ralph Lauren
Corp.
|
|
|
546,362 |
|
|
|
36,513,372 |
|
|
Raymond James Financial,
Inc.
|
|
|
1,355,850 |
|
|
|
85,689,720 |
|
|
Raytheon Co.
|
|
|
3,046,290 |
|
|
|
399,520,933 |
|
|
Realty Income Corp.
REIT
|
|
|
3,765,652 |
|
|
|
187,755,409 |
|
|
Regency Centers Corp.
REIT
|
|
|
1,829,502 |
|
|
|
70,307,762 |
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Regeneron Pharmaceuticals,
Inc.(a)
|
|
|
876,892 |
|
|
$ |
428,177,595 |
|
|
Regions Financial
Corp.
|
|
|
10,605,177 |
|
|
|
95,128,438 |
|
|
Republic Services,
Inc.
|
|
|
2,322,722 |
|
|
|
174,343,513 |
|
|
ResMed, Inc.
|
|
|
1,563,758 |
|
|
|
230,325,916 |
|
|
Robert Half International,
Inc.
|
|
|
1,289,985 |
|
|
|
48,696,934 |
|
|
Rockwell Automation,
Inc.
|
|
|
1,269,593 |
|
|
|
191,594,280 |
|
|
Rollins, Inc.
|
|
|
1,544,487 |
|
|
|
55,817,760 |
|
|
Roper Technologies,
Inc.
|
|
|
1,138,497 |
|
|
|
354,994,750 |
|
|
Ross Stores, Inc.
|
|
|
3,974,655 |
|
|
|
345,675,745 |
|
|
Royal Caribbean Cruises,
Ltd.
|
|
|
1,873,220 |
|
|
|
60,261,487 |
|
|
S&P Global,
Inc.
|
|
|
2,690,988 |
|
|
|
659,426,609 |
|
|
salesforce.com,
Inc.(a)
|
|
|
9,739,455 |
|
|
|
1,402,286,731 |
|
|
SBA Communications Corp.
REIT
|
|
|
1,237,389 |
|
|
|
334,057,908 |
|
|
Schlumberger,
Ltd.
|
|
|
15,220,538 |
|
|
|
205,325,058 |
|
|
Seagate Technology
PLC
|
|
|
2,539,582 |
|
|
|
123,931,602 |
|
|
Sealed Air Corp.
|
|
|
1,712,293 |
|
|
|
42,310,760 |
|
|
Sempra Energy
|
|
|
3,099,768 |
|
|
|
350,242,786 |
|
|
ServiceNow,
Inc.(a)
|
|
|
2,073,557 |
|
|
|
594,239,965 |
|
|
Sherwin-Williams
Co.
|
|
|
901,021 |
|
|
|
414,037,170 |
|
|
Simon Property Group, Inc.
REIT
|
|
|
3,370,797 |
|
|
|
184,921,923 |
|
|
Skyworks Solutions,
Inc.
|
|
|
1,871,902 |
|
|
|
167,310,601 |
|
|
SL Green Realty Corp.
REIT
|
|
|
904,344 |
|
|
|
38,977,226 |
|
|
Snap-on, Inc.
|
|
|
609,363 |
|
|
|
66,310,882 |
|
|
Southern Co.
|
|
|
11,530,589 |
|
|
|
624,266,088 |
|
|
Southwest Airlines
Co.
|
|
|
5,207,288 |
|
|
|
185,431,526 |
|
|
Stanley Black &
Decker, Inc.
|
|
|
1,656,346 |
|
|
|
165,634,600 |
|
|
Starbucks Corp.
|
|
|
12,984,608 |
|
|
|
853,608,130 |
|
|
State Street
Corp.(c)
|
|
|
3,997,926 |
|
|
|
212,969,518 |
|
|
STERIS PLC
|
|
|
932,139 |
|
|
|
130,471,496 |
|
|
Stryker Corp.
|
|
|
3,539,535 |
|
|
|
589,297,182 |
|
|
SVB Financial
Group(a)
|
|
|
567,263 |
|
|
|
85,702,094 |
|
|
Synchrony
Financial
|
|
|
6,198,481 |
|
|
|
99,733,559 |
|
|
Synopsys, Inc.(a)
|
|
|
1,632,500 |
|
|
|
210,249,675 |
|
|
Sysco Corp.
|
|
|
5,631,765 |
|
|
|
256,977,437 |
|
|
T Rowe Price Group,
Inc.
|
|
|
2,565,969 |
|
|
|
250,566,873 |
|
|
T-Mobile US, Inc.(a)
|
|
|
3,455,666 |
|
|
|
289,930,377 |
|
|
Take-Two Interactive Software,
Inc.(a)
|
|
|
1,226,695 |
|
|
|
145,498,294 |
|
|
Tapestry, Inc.
|
|
|
3,031,137 |
|
|
|
39,253,224 |
|
|
Target Corp.
|
|
|
5,566,400 |
|
|
|
517,508,208 |
|
|
TE Connectivity,
Ltd.
|
|
|
3,694,132 |
|
|
|
232,656,433 |
|
|
TechnipFMC PLC
|
|
|
4,608,321 |
|
|
|
31,060,084 |
|
|
Teleflex, Inc.
|
|
|
506,153 |
|
|
|
148,231,968 |
|
|
Texas Instruments,
Inc.
|
|
|
10,276,933 |
|
|
|
1,026,973,915 |
|
|
Textron, Inc.
|
|
|
2,524,999 |
|
|
|
67,341,723 |
|
|
Thermo Fisher Scientific,
Inc.
|
|
|
4,402,882 |
|
|
|
1,248,657,335 |
|
|
Tiffany &
Co.
|
|
|
1,176,507 |
|
|
|
152,357,657 |
|
See accompanying notes to
financial statements.
5
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
March 31, 2020
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
TJX Cos., Inc.
|
|
|
13,332,740 |
|
|
$ |
637,438,299 |
|
|
Tractor Supply
Co.
|
|
|
1,309,002 |
|
|
|
110,676,119 |
|
|
Trane Technologies
PLC
|
|
|
2,645,790 |
|
|
|
218,515,796 |
|
|
TransDigm Group,
Inc.
|
|
|
544,814 |
|
|
|
174,443,995 |
|
|
Travelers Cos.,
Inc.
|
|
|
2,834,702 |
|
|
|
281,627,644 |
|
|
Truist Financial
Corp.
|
|
|
14,744,282 |
|
|
|
454,713,657 |
|
|
Twitter, Inc.(a)
|
|
|
8,483,395 |
|
|
|
208,352,181 |
|
|
Tyson Foods, Inc.
Class A
|
|
|
3,233,748 |
|
|
|
187,136,997 |
|
|
UDR, Inc. REIT
|
|
|
3,213,693 |
|
|
|
117,428,342 |
|
|
Ulta Salon
Cosmetics & Fragrance, Inc.(a)
|
|
|
628,444 |
|
|
|
110,417,611 |
|
|
Under Armour, Inc.
Class A(a)
|
|
|
1,993,601 |
|
|
|
18,361,065 |
|
|
Under Armour, Inc.
Class C(a)
|
|
|
2,123,881 |
|
|
|
17,118,481 |
|
|
Union Pacific
Corp.
|
|
|
7,632,673 |
|
|
|
1,076,512,200 |
|
|
United Continental Holdings,
Inc.(a)
|
|
|
2,390,261 |
|
|
|
75,412,735 |
|
|
United Parcel Service, Inc.
Class B
|
|
|
7,704,820 |
|
|
|
719,784,284 |
|
|
United Rentals,
Inc.(a)
|
|
|
825,686 |
|
|
|
84,963,089 |
|
|
United Technologies
Corp.
|
|
|
8,920,045 |
|
|
|
841,427,845 |
|
|
UnitedHealth Group,
Inc.
|
|
|
10,406,181 |
|
|
|
2,595,093,418 |
|
|
Universal Health Services,
Inc. Class B
|
|
|
891,296 |
|
|
|
88,309,608 |
|
|
Unum Group
|
|
|
2,289,173 |
|
|
|
34,360,487 |
|
|
US Bancorp
|
|
|
15,626,483 |
|
|
|
538,332,339 |
|
|
Valero Energy
Corp.
|
|
|
4,511,782 |
|
|
|
204,654,432 |
|
|
Varian Medical Systems,
Inc.(a)
|
|
|
996,962 |
|
|
|
102,348,119 |
|
|
Ventas, Inc. REIT
|
|
|
4,051,159 |
|
|
|
108,571,061 |
|
|
VeriSign, Inc.(a)
|
|
|
1,134,699 |
|
|
|
204,347,943 |
|
|
Verisk Analytics,
Inc.
|
|
|
1,788,765 |
|
|
|
249,318,066 |
|
|
Verizon Communications,
Inc.
|
|
|
45,424,966 |
|
|
|
2,440,683,423 |
|
|
Vertex Pharmaceuticals,
Inc.(a)
|
|
|
2,827,064 |
|
|
|
672,699,879 |
|
|
VF Corp.
|
|
|
3,600,347 |
|
|
|
194,706,766 |
|
|
ViacomCBS, Inc.
Class B
|
|
|
5,895,987 |
|
|
|
82,602,778 |
|
|
Visa, Inc.
Class A
|
|
|
18,804,879 |
|
|
|
3,029,842,104 |
|
|
Vornado Realty Trust
REIT
|
|
|
1,738,054 |
|
|
|
62,934,935 |
|
|
Vulcan Materials
Co.
|
|
|
1,448,292 |
|
|
|
156,516,916 |
|
|
W.W. Grainger,
Inc.
|
|
|
485,231 |
|
|
|
120,579,904 |
|
|
Wabtec Corp.
|
|
|
1,999,128 |
|
|
|
96,218,031 |
|
|
Walgreens Boots Alliance,
Inc.
|
|
|
8,243,053 |
|
|
|
377,119,675 |
|
|
Walmart, Inc.
|
|
|
15,582,797 |
|
|
|
1,770,517,395 |
|
|
Walt Disney Co.
|
|
|
19,795,615 |
|
|
|
1,912,256,409 |
|
|
Waste Management,
Inc.
|
|
|
4,284,070 |
|
|
|
396,533,519 |
|
|
Waters Corp.(a)
|
|
|
708,375 |
|
|
|
128,959,669 |
|
|
WEC Energy Group,
Inc.
|
|
|
3,440,452 |
|
|
|
303,207,035 |
|
|
Wells Fargo &
Co.
|
|
|
42,313,684 |
|
|
|
1,214,402,731 |
|
|
Welltower, Inc.
REIT
|
|
|
4,440,616 |
|
|
|
203,291,400 |
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
Western Digital
Corp.
|
|
|
3,213,091 |
|
|
$ |
133,728,847 |
|
|
Western Union Co.
|
|
|
4,650,901 |
|
|
|
84,320,835 |
|
|
WestRock Co.
|
|
|
2,809,928 |
|
|
|
79,408,565 |
|
|
Weyerhaeuser Co.
REIT
|
|
|
8,125,564 |
|
|
|
137,728,310 |
|
|
Whirlpool Corp.
|
|
|
687,491 |
|
|
|
58,986,728 |
|
|
Williams Cos.,
Inc.
|
|
|
13,210,611 |
|
|
|
186,930,146 |
|
|
Willis Towers Watson
PLC
|
|
|
1,408,283 |
|
|
|
239,196,868 |
|
|
WR Berkley Corp.
|
|
|
1,588,752 |
|
|
|
82,885,192 |
|
|
Wynn Resorts,
Ltd.
|
|
|
1,056,053 |
|
|
|
63,563,830 |
|
|
Xcel Energy, Inc.
|
|
|
5,755,440 |
|
|
|
347,053,032 |
|
|
Xerox Holdings
Corp.(a)
|
|
|
2,088,203 |
|
|
|
39,550,565 |
|
|
Xilinx, Inc.
|
|
|
2,776,055 |
|
|
|
216,365,727 |
|
|
Xylem, Inc.
|
|
|
1,961,456 |
|
|
|
127,749,629 |
|
|
Yum! Brands, Inc.
|
|
|
3,342,839 |
|
|
|
229,084,757 |
|
|
Zebra Technologies Corp.
Class A(a)
|
|
|
592,848 |
|
|
|
108,846,893 |
|
|
Zimmer Biomet Holdings,
Inc.
|
|
|
2,261,226 |
|
|
|
228,564,724 |
|
|
Zions Bancorp
|
|
|
1,873,177 |
|
|
|
50,126,217 |
|
|
Zoetis, Inc.
|
|
|
5,223,744 |
|
|
|
614,782,431 |
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $294,778,347,269)
|
|
|
|
|
|
|
235,256,200,309 |
|
|
|
|
|
|
|
|
|
|
| (a) |
Non-income
producing security.
|
| (b) |
Affiliate of PDR Services LLC (the “Sponsor”). See the
table below for more information.
|
| (c) |
Affiliate of State Street Global Advisors Trust Company
(the “Trustee”). See the table below for more
information.
|
PLC = Public Limited
Company
REIT = Real Estate
Investment Trust
See accompanying notes to
financial statements.
6
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
March 31, 2020
(Unaudited)
The following table
summarizes the value of the Fund’s investments according to the
fair value hierarchy as of March 31, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Level 1 —
Quoted
Prices |
|
|
Level 2 —
Other Significant
Observable
Inputs |
|
|
Level 3 —
Significant
Unobservable
Inputs |
|
|
Total |
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$ |
235,256,200,309 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
235,256,200,309 |
|
INVESTMENTS IN
AFFILIATES OF THE
TRUSTEE AND THE
SPONSOR
SPDR S&P
500®
ETF Trust has invested in State Street Corp., which is considered
an affiliate of the Trustee and Intercontinental Exchange, Inc.,
which is considered an affiliate of the Sponsor. Amounts related to
these investments at March 31, 2020 and for the six months
then ended are (Note 3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number
of Shares
Held at
9/30/19 |
|
|
Value At
9/30/19 |
|
|
Cost of
Purchases* |
|
|
Proceeds
from
Shares
Sold* |
|
|
Realized
Gain
(Loss) |
|
|
Change in
Unrealized
Appreciation/
Depreciation |
|
|
Number
of Shares
Held at
3/31/20 |
|
|
Value at
3/31/20 |
|
|
Dividend
Income |
|
|
Intercontinental Exchange,
Inc.
|
|
|
6,242,458 |
|
|
$ |
575,991,600 |
|
|
$ |
225,462,061 |
|
|
$ |
239,865,229 |
|
|
$ |
39,674,840 |
|
|
$ |
(107,233,803 |
) |
|
|
6,118,012 |
|
|
$ |
494,029,469 |
|
|
$ |
3,583,028 |
|
|
State Street
Corp.
|
|
|
4,139,924 |
|
|
|
245,042,102 |
|
|
|
110,594,000 |
|
|
|
122,135,950 |
|
|
|
(4,441,899 |
) |
|
|
(16,088,735 |
) |
|
|
3,997,926 |
|
|
|
212,969,518 |
|
|
|
4,266,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
|
|
|
$ |
821,033,702 |
|
|
$ |
336,056,061 |
|
|
$ |
362,001,179 |
|
|
$ |
35,232,941 |
|
|
$ |
(123,322,538 |
) |
|
|
|
|
|
$ |
706,998,987 |
|
|
$ |
7,849,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Purchased and Sold figures include securities received or
delivered from processing creations or redemptions of
Units.
|
See accompanying notes to
financial statements.
7
SPDR S&P
500®
ETF Trust
Portfolio
Statistics
March 31, 2020
(Unaudited)
INDUSTRY BREAKDOWN AS OF
MARCH 31, 2020*
|
|
|
|
|
|
INDUSTRY |
|
% OF NET
ASSETS |
|
|
Software
|
|
|
9.2 |
% |
|
IT Services
|
|
|
5.6 |
|
|
Interactive Media &
Services
|
|
|
5.5 |
|
|
Technology Hardware,
Storage & Peripherals
|
|
|
5.4 |
|
|
Pharmaceuticals
|
|
|
5.0 |
|
|
Internet & Catalog
Retail
|
|
|
4.9 |
|
|
Semiconductors &
Semiconductor Equipment
|
|
|
4.6 |
|
|
Health Care
Equipment & Supplies
|
|
|
3.9 |
|
|
Banks
|
|
|
3.8 |
|
|
Equity Real Estate
Investment Trusts (REITs)
|
|
|
3.0 |
|
|
Health Care
Providers & Services
|
|
|
2.7 |
|
|
Capital Markets
|
|
|
2.6 |
|
|
Biotechnology
|
|
|
2.5 |
|
|
Electric
Utilities
|
|
|
2.4 |
|
|
Oil, Gas &
Consumable Fuels
|
|
|
2.3 |
|
|
Food & Staples
Retailing
|
|
|
2.2 |
|
|
Specialty Retail
|
|
|
2.1 |
|
|
Aerospace &
Defense
|
|
|
2.0 |
|
|
Diversified
Telecommunication Services
|
|
|
2.0 |
|
|
Household
Products
|
|
|
2.0 |
|
|
Beverages
|
|
|
1.8 |
|
|
Insurance
|
|
|
1.8 |
|
|
Chemicals
|
|
|
1.7 |
|
|
Diversified Financial
Services
|
|
|
1.7 |
|
|
Hotels,
Restaurants & Leisure
|
|
|
1.5 |
|
|
Machinery
|
|
|
1.5 |
|
|
Food Products
|
|
|
1.3 |
|
|
Industrial
Conglomerates
|
|
|
1.3 |
|
|
Life Sciences
Tools & Services
|
|
|
1.1 |
|
|
Media
|
|
|
1.1 |
|
|
Road &
Rail
|
|
|
1.1 |
|
|
Communications
Equipment
|
|
|
1.0 |
|
|
Multi-Utilities
|
|
|
1.0 |
|
|
Entertainment
|
|
|
0.8 |
|
|
Tobacco
|
|
|
0.8 |
|
|
Textiles, Apparel &
Luxury Goods
|
|
|
0.6 |
|
|
Air Freight &
Logistics
|
|
|
0.5 |
|
|
Commercial
Services & Supplies
|
|
|
0.5 |
|
|
Consumer Finance
|
|
|
0.5 |
|
|
Electrical
Equipment
|
|
|
0.5 |
|
|
Electronic Equipment,
Instruments & Components
|
|
|
0.5 |
|
|
Multiline Retail
|
|
|
0.5 |
|
|
Containers &
Packaging
|
|
|
0.3 |
|
|
Household
Durables
|
|
|
0.3 |
|
|
Metals &
Mining
|
|
|
0.3 |
|
|
Professional
Services
|
|
|
0.3 |
|
|
Airlines
|
|
|
0.2 |
|
|
|
|
|
|
|
INDUSTRY |
|
% OF NET
ASSETS |
|
|
Automobiles
|
|
|
0.2 |
% |
|
Building Products
|
|
|
0.2 |
|
|
Construction
Materials
|
|
|
0.2 |
|
|
Personal Products
|
|
|
0.2 |
|
|
Trading Companies &
Distributors
|
|
|
0.2 |
|
|
Auto Components
|
|
|
0.1 |
|
|
Construction &
Engineering
|
|
|
0.1 |
|
|
Energy Equipment &
Services
|
|
|
0.1 |
|
|
Gas Utilities
|
|
|
0.1 |
|
|
Health Care
Technology
|
|
|
0.1 |
|
|
Real Estate
Management & Development
|
|
|
0.1 |
|
|
Water Utilities
|
|
|
0.1 |
|
|
Wireless Telecommunication
Services
|
|
|
0.1 |
|
|
Distributors
|
|
|
0.0 |
** |
|
Diversified Consumer
Services
|
|
|
0.0 |
** |
|
Independent Power
Producers & Energy Traders
|
|
|
0.0 |
** |
|
Leisure Equipment &
Products
|
|
|
0.0 |
** |
|
Other Assets in Excess of
Liabilities
|
|
|
0.0 |
** |
|
|
|
|
|
Total
|
|
|
100.0 |
% |
|
|
|
|
| * |
The Trust’s industry breakdown is expressed as a
percentage of net assets and may change over time.
|
| ** |
Amount shown represents less than 0.05% of net
assets.
|
See accompanying notes to
financial statements.
8
SPDR S&P
500®
ETF Trust
Statements of Assets and
Liabilities
March 31, 2020
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
Investments in unaffiliated
issuers, at value (Note 2)
|
|
$ |
234,549,201,322 |
|
|
Investments in affiliates of
the Trustee and the Sponsor, at value
|
|
|
706,998,987 |
|
|
|
|
|
|
|
Total Investments
|
|
|
235,256,200,309 |
|
|
Cash
|
|
|
1,160,428,277 |
|
|
Dividends receivable —
unaffiliated issuers (Note 2)
|
|
|
253,520,370 |
|
|
Dividends receivable —
affiliated issuers (Note 2)
|
|
|
2,093,498 |
|
|
|
|
|
|
|
Total Assets
|
|
|
236,672,242,454 |
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Payable for investments
purchased
|
|
|
923,328 |
|
|
Accrued Trustee expense
(Note 3)
|
|
|
11,355,929 |
|
|
Accrued Marketing expense
(Note 3)
|
|
|
17,434,222 |
|
|
Distribution
payable
|
|
|
1,304,966,117 |
|
|
Accrued expenses and other
liabilities
|
|
|
36,281,082 |
|
|
|
|
|
|
|
Total Liabilities
|
|
|
1,370,960,678 |
|
|
|
|
|
|
|
NET ASSETS
|
|
$ |
235,301,281,776 |
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST
OF:
|
|
|
|
|
|
Paid in capital (Note
4)
|
|
$ |
303,158,879,454 |
|
|
Total distributable earnings
(loss)
|
|
$ |
(67,857,597,678 |
) |
|
|
|
|
|
|
NET ASSETS
|
|
$ |
235,301,281,776 |
|
|
|
|
|
|
|
NET ASSET VALUE PER
UNIT
|
|
$ |
257.66 |
|
|
|
|
|
|
|
UNITS OUTSTANDING
(UNLIMITED UNITS AUTHORIZED)
|
|
|
913,232,116 |
|
|
|
|
|
|
|
|
|
COST OF
INVESTMENTS:
|
|
|
|
|
|
Unaffiliated
issuers
|
|
$ |
293,864,286,795 |
|
|
Affiliates of the Trustee
and the Sponsor (Note 3)
|
|
|
914,060,474 |
|
|
|
|
|
|
|
Total Cost of
Investments
|
|
$ |
294,778,347,269 |
|
|
|
|
|
|
See accompanying notes to
financial statements.
9
SPDR S&P
500®
ETF Trust
Statements of
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
3/31/20
(Unaudited) |
|
|
Year Ended
9/30/19 |
|
|
Year Ended
9/30/18 |
|
|
Year Ended
9/30/17 |
|
|
INVESTMENT
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income —
unaffiliated issuers (Note 2)
|
|
$ |
2,919,075,078 |
|
|
$ |
5,569,189,037 |
|
|
$ |
4,995,395,848 |
|
|
$ |
4,737,367,911 |
|
|
Dividend income — affiliates
of the Trustee and the Sponsor
|
|
|
7,849,340 |
|
|
|
14,842,022 |
|
|
|
13,606,086 |
|
|
|
11,842,443 |
|
|
Foreign taxes
withheld
|
|
|
(295 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,787 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment
Income
|
|
|
2,926,924,123 |
|
|
|
5,584,031,059 |
|
|
|
5,009,001,934 |
|
|
|
4,749,200,567 |
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trustee expense (Note
3)
|
|
|
76,561,921 |
|
|
|
129,443,668 |
|
|
|
143,201,038 |
|
|
|
126,137,525 |
|
|
S&P license fee (Note
3)
|
|
|
43,212,793 |
|
|
|
79,275,442 |
|
|
|
80,322,526 |
|
|
|
69,123,020 |
|
|
Marketing expense (Note
3)
|
|
|
13,152,745 |
|
|
|
36,911,835 |
|
|
|
22,626,082 |
|
|
|
18,358,255 |
|
|
Legal and audit
fees
|
|
|
240,215 |
|
|
|
605,028 |
|
|
|
603,472 |
|
|
|
241,998 |
|
|
Other expenses
|
|
|
2,005,037 |
|
|
|
1,591,672 |
|
|
|
4,372,847 |
|
|
|
2,644,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
135,172,711 |
|
|
|
247,827,645 |
|
|
|
251,125,965 |
|
|
|
216,505,556 |
|
|
Trustee expense
waiver
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(658,036 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Expenses
|
|
|
135,172,711 |
|
|
|
247,827,645 |
|
|
|
251,125,965 |
|
|
|
215,847,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INVESTMENT INCOME
(LOSS)
|
|
|
2,791,751,412 |
|
|
|
5,336,203,414 |
|
|
|
4,757,875,969 |
|
|
|
4,533,353,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED
GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss)
on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments — unaffiliated
issuers
|
|
|
(824,601,998 |
) |
|
|
(1,874,707,476 |
) |
|
|
(631,225,982 |
) |
|
|
(1,368,210,820 |
) |
|
Investments — affiliates of
the Trustee and the Sponsor
|
|
|
(3,007,563 |
) |
|
|
(2,398,982 |
) |
|
|
(838,353 |
) |
|
|
(355,947 |
) |
|
In-kind redemptions —
unaffiliated issuers
|
|
|
15,124,603,169 |
|
|
|
19,405,809,495 |
|
|
|
37,318,292,156 |
|
|
|
22,363,636,511 |
|
|
In-kind redemptions —
affiliated issuers
|
|
|
38,240,504 |
|
|
|
39,060,086 |
|
|
|
142,784,439 |
|
|
|
89,897,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain
(loss)
|
|
|
14,335,234,112 |
|
|
|
17,567,763,123 |
|
|
|
36,829,012,260 |
|
|
|
21,084,967,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments — unaffiliated
issuers
|
|
|
(48,355,481,579 |
) |
|
|
(13,388,014,704 |
) |
|
|
(760,564,842 |
) |
|
|
12,961,822,882 |
|
|
Investments — affiliates of
the Trustee and the Sponsor
|
|
|
(123,322,538 |
) |
|
|
(33,757,839 |
) |
|
|
(158,416,456 |
) |
|
|
113,290,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation
|
|
|
(48,478,804,117 |
) |
|
|
(13,421,772,543 |
) |
|
|
(918,981,298 |
) |
|
|
13,075,113,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND
UNREALIZED GAIN (LOSS)
|
|
|
(34,143,570,005 |
) |
|
|
4,145,990,580 |
|
|
|
35,910,030,962 |
|
|
|
34,160,080,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN NET ASSETS FROM OPERATIONS
|
|
$ |
(31,351,818,593 |
) |
|
$ |
9,482,193,994 |
|
|
$ |
40,667,906,931 |
|
|
$ |
38,693,433,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to
financial statements.
10
SPDR S&P
500®
ETF Trust
Statements of Changes in Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
3/31/20
(Unaudited) |
|
|
Year Ended
9/30/19 |
|
|
Year Ended
9/30/18 |
|
|
Year Ended
9/30/17 |
|
|
INCREASE (DECREASE) IN
NET ASSETS FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(loss)
|
|
$ |
2,791,751,412 |
|
|
$ |
5,336,203,414 |
|
|
$ |
4,757,875,969 |
|
|
$ |
4,533,353,047 |
|
|
Net realized gain
(loss)
|
|
|
14,335,234,112 |
|
|
|
17,567,763,123 |
|
|
|
36,829,012,260 |
|
|
|
21,084,967,123 |
|
|
Net change in unrealized
appreciation/depreciation
|
|
|
(48,478,804,117 |
) |
|
|
(13,421,772,543 |
) |
|
|
(918,981,298 |
) |
|
|
13,075,113,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
(31,351,818,593 |
) |
|
|
9,482,193,994 |
|
|
|
40,667,906,931 |
|
|
|
38,693,433,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EQUALIZATION CREDITS
AND CHARGES (NOTE 2)
|
|
|
(16,299,174 |
) |
|
|
(53,196,888 |
) |
|
|
2,991,782 |
|
|
|
57,766,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO
UNITHOLDERS(a)
|
|
|
(2,747,446,688 |
) |
|
|
(5,057,184,141 |
) |
|
|
(4,894,169,793 |
) |
|
|
(4,709,369,232 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN
NET ASSETS FROM UNIT TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
Units
|
|
|
355,779,119,924 |
|
|
|
487,497,849,720 |
|
|
|
617,352,015,478 |
|
|
|
457,292,137,220 |
|
|
Cost of Units
redeemed
|
|
|
(360,638,012,566 |
) |
|
|
(497,053,054,235 |
) |
|
|
(617,035,693,780 |
) |
|
|
(445,257,589,858 |
) |
|
Net income equalization
(Note 2)
|
|
|
16,299,174 |
|
|
|
53,196,888 |
|
|
|
(2,991,782 |
) |
|
|
(57,766,713 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS
|
|
|
(4,842,593,468 |
) |
|
|
(9,502,007,627 |
) |
|
|
313,329,916 |
|
|
|
11,976,780,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN NET ASSETS DURING THE PERIOD
|
|
|
(38,958,157,923 |
) |
|
|
(5,130,194,662 |
) |
|
|
36,090,058,836 |
|
|
|
46,018,611,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS AT BEGINNING
OF PERIOD
|
|
|
274,259,439,699 |
|
|
|
279,389,634,361 |
|
|
|
243,299,575,525 |
|
|
|
197,280,963,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS AT END OF
PERIOD(b)
|
|
$ |
235,301,281,776 |
|
|
$ |
274,259,439,699 |
|
|
$ |
279,389,634,361 |
|
|
$ |
243,299,575,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIT
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units sold
|
|
|
1,227,900,000 |
|
|
|
1,753,650,000 |
|
|
|
2,275,100,000 |
|
|
|
1,958,700,000 |
|
|
Units redeemed
|
|
|
(1,238,650,000 |
) |
|
|
(1,791,100,000 |
) |
|
|
(2,281,850,000 |
) |
|
|
(1,902,150,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE)
|
|
|
(10,750,000 |
) |
|
|
(37,450,000 |
) |
|
|
(6,750,000 |
) |
|
|
56,550,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
For the period ended September 30, 2017, the distributions
to unitholders were $4,709,369,232 from net investment income. See
Note 7 on the notes to financial statements.
|
| (b) |
Distribution in excess of net investment income amounted to
$(1,093,659,404) as of September 30, 2017. See Note 7 on the
notes to financial statements.
|
See accompanying notes to
financial statements.
11
SPDR S&P
500®
ETF Trust
Financial
Highlights
Selected data for a Unit
outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months
Ended
3/31/20
(Unaudited) |
|
|
Year Ended
9/30/19 |
|
|
Year Ended
9/30/18 |
|
|
Year Ended
9/30/17 |
|
|
Year Ended
9/30/16 |
|
|
Year Ended
9/30/15 |
|
|
Net asset value,
beginning of period
|
|
$ |
296.82 |
|
|
$ |
290.60 |
|
|
$ |
251.30 |
|
|
$ |
216.40 |
|
|
$ |
191.77 |
|
|
$ |
196.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(loss)(a)
|
|
|
3.00 |
|
|
|
5.71 |
|
|
|
4.86 |
|
|
|
4.65 |
|
|
|
4.27 |
|
|
|
4.28 |
|
|
Net realized and unrealized
gain (loss)
|
|
|
(39.16 |
) |
|
|
6.05 |
|
|
|
39.46 |
|
|
|
34.97 |
|
|
|
24.76 |
|
|
|
(5.47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment
operations
|
|
|
(36.16 |
) |
|
|
11.76 |
|
|
|
44.32 |
|
|
|
39.62 |
|
|
|
29.03 |
|
|
|
(1.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net equalization credits and
charges(a)
|
|
|
(0.02 |
) |
|
|
(0.06 |
) |
|
|
0.00 |
(b) |
|
|
0.06 |
|
|
|
0.02 |
|
|
|
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
Trustee
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.03 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
|
(2.98 |
) |
|
|
(5.48 |
) |
|
|
(5.02 |
) |
|
|
(4.78 |
) |
|
|
(4.42 |
) |
|
|
(4.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of
period
|
|
$ |
257.66 |
|
|
$ |
296.82 |
|
|
$ |
290.60 |
|
|
$ |
251.30 |
|
|
$ |
216.40 |
|
|
$ |
191.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
return(d)
|
|
|
(12.24 |
)% |
|
|
4.11 |
% |
|
|
17.72 |
% |
|
|
18.44 |
%(e) |
|
|
15.30 |
% |
|
|
(0.64 |
)%(f) |
|
|
|
|
|
|
|
|
Ratios and Supplemental
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period
(in 000s)
|
|
$ |
235,301,282 |
|
|
$ |
274,259,440 |
|
|
$ |
279,389,634 |
|
|
$ |
243,299,576 |
|
|
$ |
197,280,964 |
|
|
$ |
166,683,901 |
|
|
|
|
|
|
|
|
|
Ratios to average net
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses (excluding
Trustee earnings credit and fee waivers)
|
|
|
0.10 |
%(g) |
|
|
0.10 |
% |
|
|
0.10 |
% |
|
|
0.09 |
% |
|
|
0.11 |
% |
|
|
0.11 |
% |
|
Total expenses (excluding
Trustee earnings credit)
|
|
|
0.10 |
%(g) |
|
|
0.10 |
% |
|
|
0.10 |
% |
|
|
0.09 |
% |
|
|
0.11 |
% |
|
|
0.11 |
% |
|
Net expenses(h)
|
|
|
0.09 |
%(g) |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
Net investment income
(loss)
|
|
|
1.95 |
%(g) |
|
|
2.03 |
% |
|
|
1.79 |
% |
|
|
1.98 |
% |
|
|
2.07 |
% |
|
|
2.09 |
% |
|
Portfolio turnover
rate(i)
|
|
|
1 |
% |
|
|
3 |
% |
|
|
2 |
% |
|
|
3 |
% |
|
|
4 |
% |
|
|
3 |
% |
| (a) |
Per Unit numbers have been calculated using the average
shares method, which more appropriately presents per Unit data for
the period.
|
| (b) |
Amount is less than $0.005 per Unit.
|
| (c) |
Contribution paid by the Trustee (State Street Bank and
Trust Company) in the amount of $26,920,521.
|
| (d) |
Total return is calculated assuming a purchase of Units at
net asset value per Unit on the first day and a sale at net asset
value per Unit on the last day of each period reported.
Distributions are assumed, for the purposes of this calculation, to
be reinvested at the net asset value per Unit on the respective
payment dates of the Trust. Total return for a period of less than
one year is not annualized. Broker commission charges are not
included in this calculation.
|
| (e) |
Reflects a non-recurring litigation payment received by
the Trust from State Street Corp., an affiliate, which amounted to
less than $0.005 per Unit outstanding as of March 20, 2017.
This payment resulted in an increase to total return of less than
0.005% for the period ended September 30, 2017.
|
| (f) |
Total return would have been lower by 0.01% if the Trustee
had not made a contribution.
|
| (h) |
Net of expenses waived by the Trustee.
|
| (i) |
Portfolio turnover rate excludes securities received or
delivered from in-kind processing of creations or redemptions of
Units.
|
See accompanying notes to
financial statements.
12
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
March 31, 2020
(Unaudited)
Note 1 —
Organization
SPDR S&P
500®
ETF Trust (the “Trust”) is a unit investment trust created under
the laws of the State of New York and registered under the
Investment Company Act of 1940, as amended. The Trust is an
“Exchange-Traded Fund”, the units of which are listed on and traded
on the New York Stock Exchange under the symbol “SPY”, and operates
under an exemptive order granted by the U.S. Securities and
Exchange Commission (the “SEC”). The Trust was created to provide
investors with the opportunity to purchase a security representing
a proportionate undivided interest in a portfolio of securities
consisting of substantially all of the component common stocks, in
substantially the same weighting, which comprise the
Standard & Poor’s 500®
Index (the “S&P 500®
Index”). Each unit of fractional undivided interest in the Trust is
referred to as a “Unit”. The Trust commenced operations on
January 22, 1993 upon the initial issuance of 150,000 Units
(equivalent to three “Creation Units” — see Note 4) in exchange for
a portfolio of securities assembled to reflect the intended
portfolio composition of the Trust.
Effective June 16,
2017, State Street Bank and Trust Company (“SSBT”) resigned as
trustee of the Trust. PDR Services, LLC, as sponsor of the Trust
(the “Sponsor”), appointed State Street Global Advisors Trust
Company, a wholly-owned subsidiary of SSBT, as trustee of the Trust
(the “Trustee”).
The services received, and
the trustee fees paid, by the Trust have not changed as a result of
the change in the identity of the Trustee. SSBT continues to
maintain the Trust’s accounting records, act as custodian and
transfer agent to the Trust, and provide administrative services,
including the filing of certain regulatory reports.
Under the Amended and
Restated Standard Terms and Conditions of the Trust, as amended
(the “Trust Agreement”), the Sponsor and the Trustee are
indemnified against certain liabilities arising out of the
performance of their duties to the Trust. Additionally, in the
normal course of business, the Trust enters into contracts that
contain general indemnification clauses. The Trust’s maximum
exposure under these arrangements is unknown as this would involve
future claims that may be made against the Trust that have not yet
occurred. However, based on experience, the Trustee expects the
risk of material loss to be remote.
The Sponsor is an indirect,
wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”).
ICE is a publicly-traded entity, trading on the New York Stock
Exchange under the symbol “ICE.”
Note 2 — Summary of
Significant Accounting Policies
The following is a summary
of significant accounting policies followed by the Trustee in the
preparation of the Trust’s financial statements:
The preparation of financial
statements in accordance with U.S. generally accepted accounting
principles (“U.S. GAAP”) requires the Trustee to make estimates and
assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those
estimates. The Trust is an investment company under U.S. GAAP and
follows the accounting and reporting guidance applicable to
investment companies.
Security
Valuation
The Trust’s investments are
valued at fair value each day that the New York Stock Exchange
(“NYSE”) is open and, for financial reporting purposes, as of the
report date should the reporting period end on a day that the NYSE
is not open. Fair value is generally defined as the price a fund
would receive to sell an asset or pay to transfer a liability in an
orderly transaction between market participants at the measurement
date. By its nature, a fair value price is a good faith estimate of
the valuation in a current sale and may not reflect an actual
market price. The
13
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements (continued)
March 31, 2020
(Unaudited)
Note 2 — Summary of
Significant Accounting Policies – (continued)
investments of the Trust are
valued pursuant to the policy and procedures developed by the
Oversight Committee of the Trustee (the “Committee”). The Committee
provides oversight of the valuation of investments for the
Trust.
Valuation techniques used to
value the Trust’s equity investments are as follows:
Equity investments
(including preferred stocks) traded on a recognized securities
exchange for which market quotations are readily available are
valued at the last sale price or official closing price, as
applicable, on the primary market or exchange on which they trade.
Equity investments traded on a recognized exchange for which there
were no sales on that day are valued at the last published sale
price or at fair value.
In the event that prices or
quotations are not readily available or that the application of
these valuation methods results in a price for an investment that
is deemed to be not representative of the fair value of such
investment, fair value will be determined in good faith by the
Committee, in accordance with the valuation policy and procedures
approved by the Trustee.
Fair value
pricing could result in a difference between the prices used to
calculate the Trust’s net asset value (“NAV”) and the prices used
by the Trust’s underlying index, S&P 500®
Index, which in turn could result in a difference between the
Trust’s performance and the performance of the S&P
500®
Index.
The Trustee values the
Trust’s assets and liabilities at fair value using a hierarchy that
prioritizes the inputs to valuation techniques, giving the highest
priority to readily available unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3
measurements) when market prices are not readily available or
reliable. The categorization of a value determined for an
investment within the hierarchy is based upon the pricing
transparency of the investment and is not necessarily an indication
of the risk associated with the investment.
The three levels of the fair
value hierarchy are as follows:
| • |
|
Level 1 — Unadjusted quoted prices in active markets for
identical assets or liabilities;
|
| • |
|
Level 2 — Inputs other than quoted prices included within
Level 1 that are observable for the assets or liabilities
either directly or indirectly, including quoted prices for similar
assets or liabilities in active markets, quoted prices for
identical or similar assets or liabilities in markets that are not
considered to be active, inputs other than quoted prices that are
observable for the asset or liability (such as exchange rates,
financing terms, interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates)
or other market-corroborated inputs; and
|
| • |
|
Level 3 — Unobservable inputs for the asset or liability,
including the Committee’s assumptions used in determining the fair
value of investments.
|
Investment Transactions
and Income Recognition
Investment transactions are
accounted for on the trade date for financial reporting purposes.
Dividend income and capital gain distributions, if any, are
recognized on the ex-dividend date, or when the
information becomes available, net of any foreign taxes withheld at
source, if any. Non-cash
dividends received in the form of stock, if any, are recorded as
dividend income at fair value. Distributions received by the Trust
may include a return of capital that is estimated by the Trustee.
Such amounts are recorded as a reduction of the cost of investments
or
14
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements (continued)
March 31, 2020
(Unaudited)
Note 2 — Summary of
Significant Accounting Policies – (continued)
reclassified to capital
gains. The Trust invests in real estate investment trusts
(“REITs”). REITs determine the characterization of their income
annually and may characterize a portion of their distributions as a
return of capital or capital gain. The Trustee’s policy is to
record all REIT distributions as dividend income initially and
re-designate a portion to
return of capital or capital gain distributions at year end based
on information provided by the REIT and/or Trustee’s estimates of
such re-designations for
which actual information has not yet been reported. Realized gains
and losses from the sale or disposition of investments are
determined using the identified cost method.
Distributions
The Trust declares and
distributes dividends from net investment income, if any, to its
holders of Units (“Unitholders”) quarterly. Capital gain
distributions, if any, are generally declared and paid annually.
Additional distributions may be paid by the Trust to avoid
imposition of federal income and excise tax on any remaining
undistributed net investment income and capital gains. The amount
and character of income and gains to be distributed are determined
in accordance with federal tax regulations which may differ from
net investment income and realized gains recognized for U.S. GAAP
purposes.
Equalization
The Trustee follows the
accounting practice known as “Equalization” by which a portion of
the proceeds from sales and costs of reacquiring the Trust’s Units,
equivalent on a per Unit basis to the amount of distributable net
investment income on the date of the transaction, is credited or
charged to undistributed net investment income. As a result,
undistributed net investment income per Unit is unaffected by sales
or reacquisitions of the Trust’s Units. Amounts related to
Equalization can be found on the Statements of Changes in Net
Assets.
Federal Income
Taxes
For U.S. federal income tax
purposes, the Trust has qualified as a “regulated investment
company” under Subchapter M of the Internal Revenue Code of 1986,
as amended (a “RIC”), and intends to continue to qualify as a RIC.
As a RIC, the Trust will generally not be subject to U.S. federal
income tax for any taxable year on income, including net capital
gains, that it distributes to its Unitholders, provided that it
distributes on a timely basis at least 90% of its “investment
company taxable income” determined prior to the deduction for
dividends paid by the Trust (generally, its taxable income other
than net capital gain) for such taxable year. In addition, provided
that the Trust distributes substantially all of its ordinary income
and capital gains during each calendar year, the Trust will not be
subject to U.S. federal excise tax. Income and capital gain
distributions are determined in accordance with U.S. federal income
tax principles, which may differ from U.S. GAAP.
U.S. GAAP requires the
evaluation of tax positions taken in the course of preparing the
Trust’s tax returns to determine whether the tax positions are more
likely than not to be sustained by the applicable tax authority.
For U.S. GAAP purposes, the Trust recognizes the tax benefits of
uncertain tax positions only when the position is more likely than
not to be sustained, assuming examination by tax
authorities.
The Trustee has reviewed the
Trust’s tax positions for the open tax years as of
September 30, 2019 and has determined that no provision for
income tax is required in the Trust’s financial statements.
Generally, the Trust’s tax returns for the prior three fiscal years
remain subject to examinations by the Trust’s major tax
jurisdictions,
15
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements (continued)
March 31, 2020
(Unaudited)
Note 2 — Summary of
Significant Accounting Policies – (continued)
which include the United
States of America, the Commonwealth of Massachusetts and the State
of New York. The Trustee has the Trust recognize interest and
penalties, if any, related to tax liabilities as income tax expense
in the Statements of Operations. There were no such expenses for
the year ended September 30, 2019.
No income tax returns are
currently under examination. The Trustee has analyzed the relevant
tax laws and regulations and their application to the Trust’s facts
and circumstances and does not believe there are any uncertain tax
positions that require recognition of any tax liabilities. Any
potential tax liability is also subject to ongoing interpretation
of laws by taxing authorities. The tax treatment of the Trust’s
investments may change over time based on factors including, but
not limited to, new tax laws, regulations and interpretations
thereof.
During the six months ended
March 31, 2020, the Trustee reclassified $15,162,843,673 of
non-taxable security gains
realized from the in-kind
redemption of Creation Units (Note 4) as an increase to paid in
capital in the Statement of Assets and Liabilities.
At March 31, 2020,
gross unrealized appreciation and gross unrealized depreciation of
investments based on cost for federal income tax purposes were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Tax Cost |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
Depreciation |
|
|
Net
Unrealized
Appreciation
(Depreciation) |
|
|
SPDR S&P 500®
ETF Trust
|
|
$ |
294,836,328,800 |
|
|
$ |
5,152,552,679 |
|
|
$ |
64,732,681,170 |
|
|
$ |
(59,580,128,491 |
) |
Note 3 — Transactions
with Affiliates of the Trustee and Sponsor
SSBT maintains
the Trust’s accounting records, acts as custodian and transfer
agent to the Trust, and provides administrative services, including
the filing of certain regulatory reports. The Trustee pays SSBT for
such services. The Trustee is responsible for determining the
composition of the portfolio of securities which must be delivered
and/or received in exchange for the issuance and/or redemption of
Creation Units of the Trust, and for adjusting the composition of
the Trust’s portfolio from time to time to conform to changes in
the composition and/or weighting structure of the S&P
500®
Index . For these services, the Trustee received a fee at the
following annual rates for the six months ended March 31,
2020:
|
|
|
|
Net asset
value of the Trust
|
|
Fee as a
percentage of net asset value of the Trust
|
| $0 – $499,999,999 |
|
0.10% per annum plus or minus the Adjustment Amount |
| $500,000,000 – $2,499,999,999 |
|
0.08% per annum plus or minus the Adjustment Amount |
| $2,500,000,000 and above |
|
0.06% per annum plus or minus the Adjustment Amount |
The adjustment amount (the
“Adjustment Amount”) is the sum of (a) the excess or
deficiency of transaction fees received by the Trustee, less the
expenses incurred in processing orders for the creation and
redemption of Units and (b) the amounts earned by the Trustee
with respect to the cash held by the Trustee for the benefit of the
Trust. During the six months ended March 31, 2020, the
Adjustment Amount reduced the Trustee’s fee by $9,562,023. The
Adjustment Amount included an excess of net transaction fees from
processing orders of $2,190,066 and a Trustee earnings credit of
$7,371,957.
16
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements (continued)
March 31, 2020
(Unaudited)
Note 3 — Transactions
with Affiliates of the Trustee and Sponsor –
(continued)
The Trustee has voluntarily
agreed to waive a portion of its fee, as needed, for one year until
February 1, 2021, so that the total operating expenses would
not exceed 0.0945% per annum of the daily NAV of the Trust. The
total amount of such waivers by the Trustee for the year ended
September 30, 2017 is identified in the Statements of
Operations. No amounts were waived for the six months ended
March 31, 2020 and the years ended September 30, 2019 and
September 30, 2018. The Trustee has not entered into an
agreement with the Trust to recapture waived fees in subsequent
periods, and the Trustee may discontinue the voluntary
waiver.
In accordance with the Trust
Agreement and under the terms of an exemptive order issued by the
SEC, dated December 30, 1997, the Sponsor is reimbursed by the
Trust for certain expenses up to a maximum of 0.20% of the Trust’s
NAV on an annualized basis. The expenses reimbursed to the Sponsor
for the six months ended March 31, 2020, and the years ended
September 30, 2019, 2018 and 2017, did not exceed 0.20% per
annum. The licensing and marketing fee disclosed below are subject
to both the reimbursement from the Trust to the Sponsor and expense
limitation of 0.20% of the Trust’s NAV. The Trust reimbursed the
Sponsor for $145,931 of legal fees, which are included in Legal and
audit fees on the Statements of Operations.
S&P Dow
Jones Indices LLC (“S&P”), per a license from
Standard & Poor’s Financial Services LLC, and State Street
Global Advisors Funds Distributors, LLC (“SSGA FD” or the
“Marketing Agent”) have entered into a license agreement (the
“License Agreement”). The License Agreement grants SSGA FD, an
affiliate of the Trustee, a license to use the S&P
500®
Index and to use certain trade names and trademarks of S&P in
connection with the Trust. The S&P 500®
Index also serves as the basis for determining the composition of
the Trust’s portfolio. The Trustee (on behalf of the Trust), the
Sponsor and NYSE Arca, Inc. (“NYSE Arca”) have each received a
sublicense from SSGA FD for the use of the S&P 500®
Index and certain trade names and trademarks in connection with
their rights and duties with respect to the Trust. The License
Agreement may be amended without the consent of any of the owners
of beneficial interests of Units. Currently, the License Agreement
is scheduled to terminate on November 29, 2031, but its term
may be extended without the consent of any of the owners of
beneficial interests of Units. Pursuant to such arrangements and in
accordance with the Trust Agreement, the Trust reimburses the
Sponsor for payment of fees under the License Agreement to S&P
equal to 0.03% of the daily size of the Trust (based on Unit
closing price and outstanding Units) plus an annual license fee of
$600,000.
The Sponsor has entered into
an agreement with the Marketing Agent pursuant to which the
Marketing Agent has agreed to market and promote the Trust. The
Marketing Agent is reimbursed by the Sponsor for the expenses it
incurs for providing such services out of amounts that the Trust
reimburses the Sponsor. Expenses incurred by the Marketing Agent
include, but are not limited to: printing and distribution of
marketing materials describing the Trust, associated legal,
consulting, advertising and marketing costs and other out-of-pocket
expenses.
ALPS Distributors, Inc. (the
“Distributor”) serves as the distributor of the Units. The Sponsor
pays the Distributor for its services a flat annual fee of $25,000,
and the Trust does not reimburse the Sponsor for this
fee.
Investments in Affiliates
of the Trustee and the Sponsor
The Trust has
invested in companies that are considered affiliates of the Trustee
(State Street Corp.) and the Sponsor (ICE). Such investments were
made according to the representative portion of the S&P
500®
Index. The market values of these investments at March 31,
2020 are listed in the Schedule of Investments.
17
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements (continued)
March 31, 2020
(Unaudited)
Note 3 — Transactions
with Affiliates of the Trustee and Sponsor –
(continued)
On March 20, 2017, the
Trust received a non-recurring litigation payment of
$661,715 from State Street Corp., an affiliate of the Trustee,
which is recorded as a realized gain in the 2017 Statements of
Operations.
Note 4 — Unitholder
Transactions
Units are issued
and redeemed by the Trust only in Creation Unit size aggregations
of 50,000 Units. Such transactions are only permitted on an
in-kind basis, with a
separate cash payment that is equivalent to the undistributed net
investment income per Unit (income equalization) and a balancing
cash component to equate the transaction to the NAV per Unit of the
Trust on the transaction date. There is a transaction fee payable
to the Trustee in connection with each creation and redemption of
Creation Units made through the clearing process (the “Transaction
Fee”). The Transaction Fee is non-refundable, regardless of the NAV
of the Trust. The Transaction Fee is the lesser of $3,000 or 0.10%
(10 basis points) of the value of one Creation Unit at the time of
creation per participating party per day, regardless of the number
of Creation Units created or redeemed on such day. The Transaction
Fee is currently $3,000. For creations and redemptions outside the
clearing process, including orders from a participating party
restricted from engaging in transactions in one or more of the
common stocks that are included in the S&P 500®
Index, an additional amount not to exceed three (3) times the
Transaction Fee applicable for one Creation Unit is charged per
Creation Unit per day.
Note 5 — Investment
Transactions
For the six months ended
March 31, 2020, the Trust had in-kind contributions, in-kind redemptions, purchases and
sales of investment securities of $111,544,926,681,
$116,382,899,677, $2,577,164,747, and $2,150,754,174, respectively.
Net realized gain (loss) on investment transactions in the
Statements of Operations includes net gains resulting from
in-kind transactions of
$15,162,843,673.
Note 6 — Equity Investing
and Market Risk
An investment in the Trust
involves risks similar to those of investing in any fund of equity
securities, such as market fluctuations caused by such factors as
economic and political developments, changes in interest rates,
perceived trends in securities prices, war, acts of terrorism, the
spread of infectious disease or other public health issues. Local,
regional or global events such as war, acts of terrorism, the
spread of infectious disease or other public health issues,
recessions, or other events could have a significant impact on the
Trust and its investments and could result in increased premiums or
discounts to the Trust’s net asset value.
An investment in
the Trust is subject to the risks of any investment in a broadly
based portfolio of equity securities, including the risk that the
general level of stock prices may decline, thereby adversely
affecting the value of such investment. The value of common stocks
actually held by the Trust and that make up the Trust’s portfolio
(the “Portfolio Securities”) may fluctuate in accordance with
changes in the financial condition of the issuers of Portfolio
Securities, the value of equity securities generally and other
factors. The identity and weighting of common stocks that are
included in the S&P 500®
Index and the Portfolio Securities change from time to
time.
The financial
condition of issuers of Portfolio Securities may become impaired or
the general condition of the stock market may deteriorate, either
of which may cause a decrease in the value of the Trust’s portfolio
and thus in the value of Units. Since the Trust is not actively
managed, the adverse financial condition of an issuer will not
result in its elimination from the Trust’s portfolio unless such
issuer is removed from the S&P 500®
Index. Equity securities are susceptible to general stock market
fluctuations and to volatile increases and decreases in value
as
18
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements (continued)
March 31, 2020
(Unaudited)
Note 6 — Equity Investing
and Market Risk – (continued)
market confidence in and
perceptions of their issuers change. These investor perceptions are
based on various and unpredictable factors, including expectations
regarding government, economic, monetary and fiscal policies,
inflation and interest rates, economic expansion or contraction,
and global or regional political, economic and banking crises, as
well as war, acts of terrorism and the spread of infectious disease
or other public health issues.
An outbreak of infectious
respiratory illness caused by a novel coronavirus known as
COVID-19 was first detected
in China in December 2019 and was declared a pandemic by the World
Health Organization in March 2020. This coronavirus has resulted in
travel restrictions, restrictions on gatherings of people
(including closings of, or limitations on, dining and entertainment
establishments, as well as schools and universities), closed
businesses (or businesses that are restricted in their operations),
closed international borders, enhanced health screenings at ports
of entry and elsewhere, disruption of and delays in healthcare
service preparation and delivery, prolonged quarantines,
cancellations, supply chain disruptions, and lower consumer demand,
as well as general concern and uncertainty. The impact of
COVID-19, and other
infectious disease outbreaks that may arise in the future, could
adversely affect the economies of many nations or the entire global
economy, individual issuers and capital markets in ways that cannot
be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other
pre-existing political,
social and economic risks in certain countries or globally. The
duration of the COVID-19
outbreak cannot be determined with certainty. The risk of further
spreading of COVID-19 has
led to significant uncertainty and volatility in the financial
markets and disruption to the global economy, the consequences of
which are currently unpredictable. Certain of the Trust’s
investments are likely to have exposure to businesses that, as a
result of COVID-19,
experience a slowdown or temporary suspension in business
activities. These factors, as well as any restrictive measures
instituted in order to prevent or control a pandemic or other
public health crisis, such as the one posed by COVID-19, could have a material and
adverse effect on the Trust’s investments.
Note 7 — Recent
Accounting Pronouncements
In August 2018, the SEC
released its Final Rule on Disclosure Update and Simplification
(the “Final Rule”) which is intended to simplify an issuer’s
disclosure compliance efforts by removing redundant or outdated
disclosure requirements without significantly altering the mix of
information provided to investors. The Trust adopted the Final Rule
in 2018 with the most notable impacts being that the Trust is no
longer required to present components of distributable earnings on
the Statement of Assets and Liabilities or the sources of
distributions to Unitholders and the amount of undistributed net
investment income on the Statements of Changes in Net
Assets.
Note 8 — Subsequent
Events
The Trustee has evaluated
the impact of all subsequent events on the Trust through the date
on which the financial statements were issued and has determined
that there were no subsequent events requiring adjustment or
disclosure in the financial statements.
19
SPDR S&P
500®
ETF Trust
Other Information
March 31, 2020
(Unaudited)
Comparison of Total Returns Based on NAV and Bid/Ask
Price(1)
The table below
is provided to compare the Trust’s total pre-tax return at NAV with
the total pre-tax returns based on bid/ask price and the
performance of the S&P 500®
Index. Past performance is not necessarily an indication of how the
Trust will perform in the future. The return based on NAV shown in
the table below reflects the impact of a fee waiver and, without
this waiver, returns would have been lower.
Cumulative
Total Return
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
SPDR S&P 500®
ETF Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Based on
NAV
|
|
|
-6.97 |
% |
|
|
37.76 |
% |
|
|
168.68 |
% |
|
Return Based on Bid/Ask
Price
|
|
|
-6.94 |
% |
|
|
37.82 |
% |
|
|
168.74 |
% |
|
S&P 500®
Index
|
|
|
-6.98 |
% |
|
|
38.47 |
% |
|
|
172.10 |
% |
Average
Annual Total Return
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
SPDR S&P 500®
ETF Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Based on
NAV
|
|
|
-6.97 |
% |
|
|
6.62 |
% |
|
|
10.39 |
% |
|
Return Based on Bid/Ask
Price
|
|
|
-6.94 |
% |
|
|
6.63 |
% |
|
|
10.39 |
% |
|
S&P 500®
Index
|
|
|
-6.98 |
% |
|
|
6.73 |
% |
|
|
10.53 |
% |
| (1) |
The bid/ask price is the midpoint of the best bid and best
offer prices on NYSE Arca at the time the Trust’s NAV is
calculated, ordinarily 4:00 p.m.
|
20
SPDR S&P
500®
ETF Trust
(Unaudited)
Sponsor
PDR Services LLC
c/o NYSE Holdings
LLC
11 Wall Street
New York, NY
10005
Trustee
State Street Global Advisors
Trust Company
One Iron Street
Boston, MA 02210
Distributor
ALPS Distributors,
Inc.
1290 Broadway Suite
1100
Denver, CO 80203
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers
LLP
101 Seaport Boulevard, Suite
500
Boston, MA 02210
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